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CNPC, Qatar Petroleum, Shell to progress on China's project

Jan. 20, 2012 (China Knowledge) - China National Petroleum Corp or CNPC, the parent company of PetroChina Co Ltd<601857><0857>, said on Thursday that it has signed an agreement with Qatar Petroleum International and Royal Dutch Shell Plc to jointly start a refining project in Taizhou, Zhejiang Province.

This is the further cooperation among the three sides after they inked a deal last October to import condensated and raw materials to produce ethylene and other petrochemical products.

The Taizhou refinery, which will cost around RMB 80 billion in total, is designed to have a crude oil processing capacity of 20 million tons and an ethylene output capacity of 1.2 million tons per year in the initial phase. Annual sales of the refinery are expected to reach RMB 100 billion.

The agreement, inked in Doha, Qatar, came at the end of a six-day trip by China's Premier Wen Jiabao to the Middle Eastern country. During the period, CNPC also signed a contract with Saudi Arabian Oil Co, or Saudi Aramco, to build a refinery in Yanbu, Saudi Arabia with a daily processing capacity of 400,000 barrels.

In 2011, China's consumption of crude oil increased by 3.56% year on year to 454.9 million tons, and the growth was lower than 13% in 2010. But the country's crude oil import dependence hit record 55.2% last year.

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