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 [email protected].
