Integrated energy firm Total SA is discussing the divestiture of its 22.4% interest in China-based West Pacific Petrochemical refinery with Chinese energy giant PetroChina Co Ltd., as per Reuters. The petrochemical plant, which can process and refine crude oil at a rate of 200,000 bpd, is being operated and managed by PetroChina.
The refinery commenced operations in 1996. At that time, it was the first and only refinery in China that was allowed to export its product. However, it incurred considerable losses after the Chinese government started levying heavy export taxes on its products.
16-Jul-14 
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