SINOPEC,BP TO LAUNCH ACETIC ACID JOINT VENTURE IN NANJING

Sinopec Corp and BP signed a 50%-50% joint venture contract on March 15 to build a world-class 500,000-ton acetic acid plant in Nanjing, the capital of East China's Jiangsu Province. The joint venture, which is expected to be on stream in the second half of 2007,will adopt BP's world leading CativaR technology to make this project become a acetic acid production base with great competitiveness.     

China''s First Orimulsion-fuelled Power Project Kicks off

China's first Orimulsion-fuelled power project was recently kicked off in Zhanjiang, a coastal city in Southeastern China's Guangdong Province. This project, which draws an investment of about 4.1 billion yuan, is a joint venture among CNPC Fuel Oil Co Ltd with a 51 percent stake, Guangdong Electric Power Development Co Ltd with a 39 percent stake and Zhanjiang Harbor Group Co Ltd with a 10 percent.     

Huizhou: Model City for Chinese-Foreign Petrochem Cooperation

Riyal Dutch/Shell Group has been very active in China since it re-entered the nation in the early 1980s. The largest investment project Shell has made in China is the Nanhai petrochemicals project, a 50-50 joint venture with CNOOC in Huizhou City in South China's Guangdong Province.     

PetroChina and Kuwait to Construct Joint Venture Refinery in South China

PetroChina, China＇s largest oil producer and Asia＇s most profitable company, and Kuwait may build a planned joint venture oil refinery in South China＇s Pearl River Delta area, according to Guangdong Province＇s Executive Vice Governor Zhong Yangsheng, who told reporters at the Boao Forum for Asia in Hainan Province in late April. However, he declined to provide further details. The Pearl River Delta region accounts for about a third of the nation＇s exports.     

CNOOC Fruitful in Business Development

CNOOC-Shell launches preliminary distributing firm"CNOOC-Shell" joint venture project, a giant cooperative petrochemicals complex in Huizhou, Guangdong Province, has reportedly launched a preliminary distribution company in China in the recent time, which is currently preparing for the marketing network and has reached letter of intent on petrochemicals distribution with some users. This distribution subsidiary of "CNOOC-Shell" will import some petrochemicals from abroad at the     

Large JV Chemical Plant Kicks Off

Construction of one of the largest petrochemical joint venture projects in the country - and BP 's largest project in China - kicked off in the Shanghai Chemical Industrial Park in late-March, 2002.The developer of the project is the Shanghai SECCO Petrochemical Co. Ltd, a 50-30-20 equityjoint venture by BP, China Petrochemical Corporation (Sinopec) and the Shanghai Petrochemical Co. Ltd (SPC). This project is slated for completion and opening in the first half on 2005, with a tota…     

Shell Chalks up Expansion Plans for More Gas Pumps

Shell (China) Limited announced in mid-October that it planned to develop 100 gas stations in Shaanxi Province with its Chinese partners, in a move to expand its oil retail network in the country. It will develop the stations through Shaanxi Yanchang-Shell Petroleum Co., Ltd., a joint venture among Shell, Shaanxi Yanchang Petroleum (Group) Co., Ltd. and Shaanxi Tianli Investment Co., Ltd. Shell has a 45-percent stake in the joint venture, which was established last year, while Yangchang and Tianli hold a 46 percent stake and a 9 percent interest respectively.     

CNPC Cooperates with Russian Company in Oil Products Business

China National Petroleum Corporation （CNPC） plans to set up a joint venture with Russian oil giant Rosneft to open up to 300 service stations in China. The joint venture, in which the Chinese company has a controlling stake, will cover oil refinery and retail business.     

Construction of CNOOC-Shell Nanhai Project in Full Swing

Hanhai Petrochemical Project, an annual 800,000-ton ethylene cracker joint venture between CNOOC and Shell, entered the substantial construction stage on May 12 when No.4 Construction Company of Sinopec formally started construction on the worksite in Daya Bay in Huizhou City,Guangdong Province. More than 30     

Power Project Starts Operation for Guangdong

The third circuit of the Tianshengqiao (TSQ)Guangdong 500-KV AC power transmission and transformation project, one of China's key projects for transmitting power from west to east in China, began operation on June 25. Its operation marks the use of the fourth channel for power transmission from the west to South China's Guangdong Province aswell as successful completion of the second campaign to fulfill the State's plan to transmit 10 GW of electric power from west to Guangdong Province in the 10th Five-Year period (2001～2005).     

Sinopec and CNOOC Join Hands for Oil Import

Sinopec and CNOOC, two of China's big-three oil companies, have set up a joint venture to import crude oil.The joint venture makes CNOOC the fifth largest crude oil importer in China. Following the move, CNOOC is also likely to gain government approval to build a large refinery and market oil products this year, company executives said.     

Power Price Cuts to Drive Economic Growth

The economy of South China's GuangdongProvince should developed more rapidly thanks torecent cuts in electricity prices, Lin Lin, deputydirector of Guangdong Price Bureau, predicted in aninterview with news media in eary June, adding thatthe reduction in electricity prices would benefiteconomic development in Guangdong Province.     

Chinese and Foreign Oil Giants Join Hands for Petrol Stations

The negotiation on the 500 joint venture petrol stations between Sinopec and Royal Dutch/ Shell Group is now under the final stage. Once the negotiation is wound up, the first number of the joint venture petrol stations will be put into operation in Jiangsu Province within three months after the signature of the agreement. The remaining ones will be constructed and put into operation in three years.     

China to Establish Strategic Oil Stockpile Bases

Based on the reports from China‘s State Development and Reform Committee, a new department of the State Council recently put into operation, the relevant departments have located a number of places as the country‘s strategic oil stockpile bases, such as Zhoushan and Zhenghai in Zhejiang Province, Huangdao in Shandong Province and Daya Bay     

PetroChina Signed with Foreign Partners a Letter of Intent on Construction of an Integrated Refining/Chemical Proiect

PetroChina has signed with the Qatar Oil International and the Shell Group a letter of intent on constructing a joint venture of integrated oil refining,chemicals production and product sales project.This is the first time for Shell's involvement in China's oil refining enterprise and also the first project of Qatar Oil International in China.     

Foreign Cooperation Fruitful for Sinopec

On October 21, just the eve of Chinese President Jiang Zemin's visit to the United States, a total of 13 big-name enterprises in China and the United States signed five agreements in New York for cooperation in the petrochemical, telecom and energy fields with the contracted capital totaling US$4.7 billion. Of those deals, Sinopec Limited and ExxonMobil inked a framework agreement to beef up their bilateral strategic alliance and push ahead with their join venture projects developed in Southeast China's Guangdong Province and Fujian Province.     

Joint－venture Insurance Firm Born

Generali China Life insurance Company Ltd. Ibegan operations in Februaiy this year in Guangzhou, capital of South China 's Guangdong Province - the first joint-venture insurer since China joined theWorld Trade Organization.The new insurance company is a 50-50 jointventure found by Italy-based Assicurazioni GeneraliS.p.A. and China National Petroleum Corporation(CNPC). Its registered capital is 200 million yuan(US$24 million)."Insurance is an industry with an extremely huge potentia…     

China''s Largest Oil Storage Tanks Put into Service

Two 125,000-cubic-meter and 90-meter-diameter crude storage tanks, currently largest ones in China,have been constructed and put into service at Sinopec's Maoming Petrochemical Harbor Company in Southeast China's Guangdong Province in recent time.     

Aspen Tech to Provide VPS for CNOOC-Shell Nanhai Petrochemicals Complex

AspenTech, a US supplier of software and services to the process industries, recently announced it has been awarded a contract to supply a series of operator training simulators for the US$4.3 billion Nanhai Petrochemicals Project of CNOOCShell Petrochemical Company (CSPC) at Daya Bay in Huizhou City in South China‘s Guangdong Province.     

Construction of Refinery Planned in China''s Coastal Area

CNOOC plans to build a 12-million-ton-per-year oil refinery in Southeast China's Guangdong Province in the next three years to tap the lucrative oil market in the southern part of the nation. Investment in the project, which was approved by the central government in mid-July, will total at least 16 billion yuan (US$1.93 billion).