On October 28, 2000, the contract of Huizhou 800,000 tons ethylene plant was signed in Beijing. The contract had made history in China's petrochemicals industry. It had built and now operates a USD$4.1 billion world-scale petrochemicals complex, which was one of the largest capital investments for a Sino-foreign joint venture project to date in the People's Republic of China. The two side of contract were China National Offshore Oil Corp. (CNOOP) and Shell.
Under the contract, in 2005, a world-class modern petrochemical plant would be built in Daya Bay Economic and Technological Development Zone, Huizhou, Guangdong Province. Its main equipment includes: an annual capacity of 800,000 tons of ethylene cracker, a co-generation unit which an annual capacity of 560,000 tons of styrene monomer and 250,000 tons of propylene oxide, an annual capacity of 320,000 tons ethylene glycol unit, an annual capacity of 240,000 tons of polypropylene unit and so on. The petrochemical enterprises would introduce 12 world's most advanced technology. The plant with an annual output of 2.3 million tons of high quality petrochemical products, would replace some of the imported products on Chinese market. The annual sales would be expected to reach 17 billion U.S. dollars.
It is understood that the newly established joint venture company known as CNOOC and Shell Petrochemicals Company Limited (CSPC). Each accounted for the 50% of the shares.
Originally Posted: China Business Daily
Author: Angulo Fu