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PetroChina Readies Ethylene Expansion

12:23 PM MST | December 18, 2007 | CW Editorial Staff

PetroChina will start construction work soon on a 600,000-m.t./year ethylene unit at the company's Daqing, China complex, reports say. Approval for the project was obtained last June and work is expected to begin by the end of this month. The date of completion of the project was not reported. The total investment in the project is estimated at about $813 million and funding will be sourced from an initial public offering (IPO) held by PetroChina in November. The IPO raised about $9 billion. The new unit will make Daqing the largest ethylene production base in...

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