China Economic Net: PetroChina says good-bye to Shell
Last Updated(Beijing Time):2004-08-10 17:34
Posted 12 August 04
Recently, PetroChina Company Limited (PetroChina) decided to terminate its two-year negotiation with Shell, Exxon Mobil Corporation and Gazprom. The joint venture negotiation was about the participation of these foreign energy groups in the projects of pipelines constructed by PetroChina.
The “West-to-East Natural Gas Transmission Project” is a heavyweight project that is rare in recent years in China. With the total investment of US$ 18 billion, the project involves a total of 4,200 kilometers in length from West China to Shanghai. Before the project started, PetroChina and these foreign energy groups attained a frame agreement in Beijing in July 2002. According to this agreement, in the joint-venture company, PetroChina would hold 50 percent stocks, China Petroleum and Chemical Corporation would have 5 percent, and Exxon Mobil, Shell and Gazprom would each possess 15 percent. The investment would be performed through capital stocks and bank loans. However, the subsequent formal contract failed to be concluded till the current termination of the negotiation. read more
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