GUANGZHOU, Jan. 15 (Xinhua) -- A Sino-foreign petrochemical joint venture has finalized an investment decision for two projects with a total investment of nearly 60 billion yuan (about 8.35 billion U.S. dollars) in Huizhou City, South China's Guangdong Province.
China National Offshore Oil Corporation (CNOOC) and Shell plc's joint venture, CNOOC and Shell Petrochemicals Company Limited (CSPC), announced Wednesday they would invest in the Huizhou Phase III Ethylene Project and the Polycarbonate Project, with both projects officially commencing full-scale construction.
"Today's announcement of the final investment decision for the two projects marks a significant milestone. It represents CSPC's third major expansion," said Roelof Heezen, CSPC deputy general manager.
The Phase III Project will build 16 sets of production units, including an Ethylene unit with a capacity of 1.6 million tonnes per year and other downstream units and supporting facilities.
It is expected to be completed in 2028.
Through project scope optimization and electrification of large compressor groups, the project will achieve an overall 20 percent reduction in carbon dioxide emissions, promote the use of renewable green energy, and support the implementation of the country's "dual-carbon" strategy, according to the company.
The Polycarbonate Project will debut Shell's proprietary technology globally, with the advantages of cost efficiency, low energy consumption, safety and environmental friendliness.
To be completed in 2026, it will produce over 320,000 tonnes annually of high-performance specialty chemicals, including polycarbonate and carbonate solvents. These products will play a vital role in the transportation, construction, health care and consumer goods industries.
According to CSPC, the investment in the two projects is also a testimony of the shareholders' confidence in CSPC, the local government and the overall growth of performance chemicals in China.
Established in 2000, CSPC is one of the largest petrochemicals joint ventures and the largest single-site ethylene complexes in operation in China. ■