CNOOC and Shell announce completion of JV

31-Dec-05

CNOOC and Shell Petrochemical Company Limited (CSPC) have announced the completion of the construction of the world-scale petrochemicals complex in the Daya Bay, Huizhou city of South China's Guangdong Province. This project is China's largest Sino-foreign capital investment project with a total investment of US$4.3 bln. Final preparations for start up are now being made at the complex, at the centre of which is an 800,000 tpa capacity Lower Olefins Plant. After the start-up, the project is expected to turn out 2.3 million tons of petrochemicals products. The project is a joint investment by the CNOOC, Royal Dutch Shell and the Guangdong provincial government. Shell holds a share of 50%, CNOOC holds 45% and the Guangdong government holds 5%.