CNOOC and Shell take final investment decision to expand petrochemical complex in China

China National Offshore Oil Corporation (CNOOC) and Shell Nanhai B.V. (Shell) today announce the final investment decision to expand CNOOC and Shell Petrochemical Company’s (CSPC) existing 50:50 joint venture (JV) in Huizhou, Guangdong Province, China. This decision follows the announcement of a Heads of Agreement in December 2015 between the two partners. 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. ….