CNPC inks deal with Shell, Qatar for China refinery, petrochemical project
China National Petroleum Corp. (CNPC) said Thursday that it signed a deal with Qatar Petroleum and Shell to build a refining complex in the eastern Chinese city of Taizhou. 
The statement on CNPC's website didn't provide further details on the project.
The Taizhou refinery and petrochemical venture in Zhejiang province will import condensate and raw materials to produce ethylene and other petrochemical products, according to an earlier statement by CNPC.
The initial framework agreement was reached in October.
The project is valued at around $12.6 billion, according to media reports, and includes a 400,000 bpd refinery and a 1.2 million tpy ethylene complex.
CNPC is the parent company of PetroChina.
The Qatar agreement came at the end of a six-day trip from Premier Wen Jiabao to the Middle Eastern country.
Another major contract signed during his visit was between state-owned giant Saudi Aramco with Sinopec for the construction of a 400,000 bpd oil refinery at Yanbu, on the Saudi Red Sea coast.
-- Additional reporting from Dow Jones Newswires
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