Royal Dutch Shell and Petrotcheina company announced in Beijing its intention to set a complex of oil refining and petrochemicals in China in cooperation with Qatar.

The two companies said in a statement that the initial agreement was signed in Doha during the official visit of Chinese Vice-President Jean Ping Che to Qatar.
The agreement opens in front of Qatar for the first time the Chinese fuel market commercially attractive where there are investments from Saudi Arabia and Kuwait as well.
The Qatari Deputy Prime Minister and Minister of Energy and Industry Abdullah bin Hamad al-Attiyah said that the project will help to chart a road map for economic bridges between Qatar and China which will open investment opportunities. He added that the agreement would strengthen ties in the field of energy between the two countries.
The agreement comes two months after the signing of an huge agreement for the supply of gas between the three parties which China imports three million tones of LNG annually from Qatar and its partner Shell duration of 25 years will be implemented starting in 2011.
But the letter of intent signed yesterday did not specify a figure for the size of the investment or joint venture or will be completed during the period.
The statement said that the share of Petrotcheina – the largest companies producing oil and gas in Asia and second largest refining company in China – will be 51%, while Qatar and Shell owns 24.5% share each.
Source: Reuters