Shell, PetroChina Look Toward Refining In China

In the wake of China’s recent decision to hike the retail price of gasoline and diesel, PetroChina, Royal Dutch Shell and Qatar Petroleum are looking into building a new refinery and petrochemical facility in China. The joint venture would be Shell’s first plunge into the Chinese refining industry and would grant Qatar a foothold in China.

The three companies signed a letter of intent in Doha, the capital of Qatar, with Qatar’s crown prince, Sheik Tamim bin Hamad al-Thani, and China’s Vice President Xi Jinping in attendance.

Forbes