MOSCOW (MRC) -- China National Offshore Oil Corporation and Shell Nanhai announce final investment decision to expand CNOOC and Shell Petrochemical Co (CSPC) existing 50:50 joint venture (JV) in Huizhou, said Reuters.
CNOOC and Shell take final investment decision to expand petrochemical complex in Xhina.
Subject to regulatory approvals, cnooc and shell have agreed that cspc should take over cnooc's ongoing project to build additional chemical facilities next to cspc's petrochemical complex.
Shell will apply its proprietary OMEGA, SMPO and Polyols technologies to produce 150,000 tonnes per annum (TPA) of ethylene oxide, 480,000 tpa of ethylene glycol and 600,000 tpa of high quality polyols.
As MRC informed earlier, in December 2015, Shell Nanhai B.V. (Shell) and China National Offshore Oil Corporation (CNOOC) signed a Heads of Agreement (HOA) to expand their existing 50:50 joint venture (JV) in Huizhou, Guangdong Province, China.
China National Offshore Oil Corporation (CNOOC), the largest offshore oil & gas producer in China. CNOOC businesses cover the main segments of oil & gas exploration and development, engineering & technical services, refining and marketing, natural gas and power generation, and financial services.
Royal Dutch Shell plc is an Anglo-Dutch multinational oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the biggest company in the world in terms of revenue and one of the six oil and gas "supermajors". Shell is vertically integrated and is active in every area of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.