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PetroChina given nod for new ethylene plant

Eric Watkins
Senior Correspondent

LOS ANGELES, Dec. 30 -- China's National Development and Reform Commission has granted approval for PetroChina to build a $2.5 billion ethylene plant at Sichuan Province's capital city of Chengdu.

The new ethylene cracker, scheduled for completion by 2010, has a design capacity of 800,000 tonnes/year of ethylene.

PetroChina will take a 51% stake in the new plant, with local firm Chengdu Petrochemical Co. Ltd., a project company established and owned by the local government of Chengdu, holding 49%.

Contact Eric Watkins at hippalus@yahoo.com.


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