The CEO of CNOOC and Shell Petrochemical Co. said on Tuesday that the joint venture plans to invest 1 billion yuan to expand its capacity by 20 percent by the middle of 2010.
"We are in the process of expanding our capacity by 20 percent by the middle of next year from what we have today," said CEO Paul Lo.
The venture operates an 800,000-tonne-per-year ethylene project and a 2.3-million-tonne-per-year petrochemical unit in the southern Chinese city of Huizhou in Guangdong.
