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Qatar Petroleum & CNOOC Tap Hainan Petrochemical Project

Posted on: Fri, 20 Nov 2009 07:16:00 EST

Symbols: CEO

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HAIKOU, Nov 20, 2009 (SinoCast Daily Business Beat via COMTEX) --
CEO | Quote | Chart | News | PowerRating -- Qatar Petroleum International (QPI), China National Offshore Oil Corporation (CNOOC), and another partner will jointly build a petrochemical project with an investment of USD 5.8 billion in the southmost Chinese province of Hainan, told foreign media.

Moreover, the Qatari company will construct a petrochemical project with USD 4 billion in Vietnam. Both these projects will use the LPG (liquefied petroleum gas) made in Qatar.

The QPI CEO Nasser Al-Jaidah said that the Asian market owned huge potentials, especially China. He thought the two projects would help QPI not only expand its market but also make use of its LPG, but did not disclose its stake in each of the two projects.

The Hainan-based project is expected to gain approval from Chinese regulators in the second half of next year, predicted the CEO. Each year, it will consume 3.8 million tons of LPG and turn out such products as polypropylene. Earlier reports told that the first phase of the project would produce 2.6 million tons of olefin, and that the capacity would possibly jump to 5 million tons in the future.

Source: www.ycwb.com (November 20, 2009)

For full details on CNOOC ADS (CEO) CEO. CNOOC ADS (CEO) has Short Term PowerRatings at TradingMarkets. Details on CNOOC ADS (CEO) Short Term PowerRatings is available at This Link.

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