Article: CHINA: LETTER OF INTENT FOR CONSTRUCTION OF PROPOSED WORLD-SCALE ETHYLENE CRACKER AND DERIVATIVES COMPLEX AIMS FOR 2005 PROJECT COMPLETION DATE, BP AMOCO [UK] & SHANGHAI PETROCHEMICAL CORP. (SPC) [CHINA] - order #: 044800.(Brief Article)

PROJECT OVERVIEW

A Sino/British joint venture in the making concluded in October 1999 a framework agreement regarding their construction plans for a new petrochemical complex to be built in China. The partners in the proposed undertaking included BP CHINA INVESTMENTS a subsidiary of UK-based BP AMOCO and the local SHANGHAI PETROCHEMICAL CORP. (SPC), a subsidiary of CHINA PETROCHEMICAL CORP. (SINOPEC) as well as with key utility suppliers. The agreement was intended to accelerate the project and endeavour to complete a joint feasibility study report and the negotiation of a joint venture contract as well as other commercial agreements by the end of the year ...

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