Oiling a 3-way deal

2008-6-24  |     NEWSPAPER EDITION

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-- Adverstisement --


PETROCHINA Co signed a letter of intent yesterday with Qatar and Royal Dutch Shell to set up a joint venture for an integrated refining, petrochemical and marketing project in China.

PetroChina, the nation's largest oil producer, will hold a 51-percent stake in the venture, with Shell and Qatar Petroleum International each taking 24.5 percent, Shell said in an e-mailed statement.

The three parties will conduct a feasibility study on the project, Shell said.

The firm did not give other details such as location.

The letter of intent was signed in Doha, capital of Qatar, and was witnessed by Chinese Vice President Xi Jinping.

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