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Shell-Cnooc JV to invest $5.6B in China ethylene project

May 18, 2020 7:51 AM ETShell plc (SHEL) Stock, CEO StockCEO, SHELBy: Carl Surran, SA News Editor26 Comments
  • Royal Dutch Shell (RDS.A, RDS.B) and China's Cnooc (NYSE:CEO) sign a framework agreement worth $5.6B to expand an ethylene project in the Chinese city of Huizhou, China's Xinhua news agency reports.
  • The phase three expansion is expected to add 1.5M metric tons/year of ethylene production capacity on top of the existing 2.2M mt.
  • The Shell-Cnooc joint venture has developed into one of the largest and most competitive petrochemical facilities in China and the world, Shell CEO Ben van Beurden says.
  • RDS.A +5.8% pre-market as oil and gas stocks rack up a broad rally.

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