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Largest Capital Investment for a Sino-foreign joint venture Project in China ---CNOOC and Shell Nanhai petrochemicals complex moves into start-up phase


CNOOC and Shell Petrochemicals Company Limited

Daya Bay, Huizhou, China, 30 December 2005– The Board of CNOOC and Shell Petrochemicals Company Limited (CSPC) today announced the completion of construction of its world scale petrochemicals complex in Daya Bay. Final preparations for start up are now being made at the complex, at the centre of which is an 800,000 tonnes per annum capacity Lower Olefins Plant.

Completion of construction is a key milestone since work started in November 2002 on the world-scale petrochemicals project which is a joint investment by China National Offshore Oil Corporation (CNOOC), Royal Dutch Shell (Shell) and Guangdong. The petrochemicals complex, so far the largest joint venture project in China with a total investment of USD 4.3 billion will after start-up manufacture 2.3 million tonnes of petrochemicals products which will be supplied to markets in Guangdong Province and Southeast Coastal China where demands for petrochemicals products are strong.

Mr. Luo Han, Chairman of the Board of CSPC said, “This world-class petrochemicals complex encountered great challenges and overcame various obstacles during the course of construction. We are glad to see that the complex, with the endeavors of all parties, is completed within the expected schedule and budget and has met the world-class standards in general. It compares well with the projects of similar scale and complexity in the world. We would like to congratulate the Chinese and foreign construction personnel and thank all the parties who have given attention and support to the construction of the project.”

“We are indeed very pleased with the progress of the project and are proud of the construction personnel who have worked very hard to deliver this project as planned despite the significant challenges they faced during the course of the construction. In particular, we note with pride that CSPC has led the way as a role model for sustainable development in the petrochemical industry for China,” Mr. Tan Ek Kia, Vice Chairman of the Board of CSPC said.

“Every employee of CSPC is very excited about what we have accomplished to date. Most of the utilities units and general facilities have already been on operation for several months. The cracker and downstream units are being progressively phased in as part of an integrated start up plan with full complex product in tank expected in the next few weeks,” Mr. Simon Lam, General Manager of CSPC said.


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