Qatar Petroleum inks deal to buy stake in two Shell Chemicals JVs in Singapore

Qatar Petroleum International has inked a series of deals with Shell Eastern Petroleum to acquire a stake in two Shell Chemicals joint ventures in Singapore. Under the agreements, Shell will sell its existing shareholdings in two companies to a new joint venture (JV) called QPI and Shell Petrochemicals Singapore. Through the new venture, the two partners will effectively hold 50% of the Petrochemical Corporation of Singapore (PCS) and 30% of The Polyolefin Company Singapore (TPC). The transaction is expected to be completed in December 2009. The other shareholders in PCS and TPC are respectively, JSPC and NSPC, both Japanese consortia led by Sumitomo Chemical Company.
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