Beijing: Following PetroChina’s corruption scandal being exposed, a PetroChina jv project in partnership with Shell and Qatar Petroleum in Taizhou, Zhejiang has been suspended.
The RMB80bn project would be the single largest investment in the refining and petrochemicals sector for PetroChina.
The project planned to build an oil refinery with capacity of 400,000 barrels per day and an ethylene unit of 1.2m tons per year that would be built on reclaimed land in Luqiao district, and a crude oil terminal on Dachen Island to dock very large crude oil carriers.
A source who is close to PetroChina confirmed that the project has been put on hold while a spokesperson from Shell said the feasibility study is still ongoing. [12/09/13]
