Shell In Talks with CNOOC on Second Phase of Huizhou Project

Royal Dutch Shell is in discussions with CNOOC (Beijing), its partner in an existing 50-50 CSPC petrochemicals joint venture at Huizhou, China, on a separate $7.5 billion refinery and petchems project, which will form part of phase two of the complex. The report, quoting CNOOC officials, says that Shell is interested in taking a 30% stake in the refining project and that it is willing to give up 20% of its stake in CSPC to get the refinery deal. The project, which is expected to receive approval by the Chinese government in the first half of this...

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