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Shell may invest in North-East China Shale-Oil project
Beijing, May 24: Dutch Shell group, Europe`s second-biggest oil company, is in talks to invest in a Shale-Oil venture in Jilin province in China`s North-East, communist party officials in the province said.
Shell and BP PLC, Europe's biggest oil company, plan to
spend more than one billion dollar to build petrochemical
plants and gasoline stations in china, the world's largest
oil-consuming country after the US.
Oil and petrochemical demand in China is rising as the
economy expands, spurring consumption of power, metals and raw
materials. Even with growth projected to slow from 9.1 percent
in 2003, China needs more fuel for car owners, whose ranks
have grown by half each year since 2001.
Shell and Sinopec, Asia's biggest oil refiner, agreed to
spend 200 million dollar building 500 gasoline stations in
Jiangsu province, the companies said. Jiangsu is China's
richest province, with a population of 73.5 million.
Bureau Report