CNOOC and Shell Nanhai Petrochemicals Complex moves into Start-up Phase
January 02 , 2006
Royal Dutch Shell plc welcomed the announcement by the Board of CNOOC and Shell Petrochemicals Company Limited (CSPC) that construction of its world-scale petrochemicals complex at Daya Bay is complete and final preparations are being made for start-up. The construction of the world-class facility has been completed within the expected schedule and budget.
The Daya Bay project is fundamental to the Shell strategic objective to grow a significant presence in China, where demand for plastics and packaging is expected to make up 30% of world consumption by 2010. The investment is consistent with the Shell strategy of "more upstream, profitable downstream".
Shell has a 50% stake in the joint venture company - the CNOOC and Shell Petrochemicals Company (CSPC) - with CNOOC Petrochemicals Investment Limited (CPIL) holding the other 50%.
