PetroChina is planning to start the construction of its refining joint venture project with Shell and Qatar Petroleum in Taizhou of Zhejiang Province in 2013, according to a source with Shell.
The project has got the approval from the Zhejiang provincial government but is still pending approval from the central government, the source said.
It is expected to become operational in 2015.
The petrochemical complex will mainly refine Qatar crude while consuming imported condensate to produce chemicals like ethylene, the source also said, adding Shell will provide the technology.
The National Development & Reform Commission, China's energy watchdog, has approved the Taizhou project in principal but cut down its capacity from 20-mil mt to 15-mil mt per year and maintain an ethylene capacity of 1.2-mil mt per year, C1 reported earlier.
PetroChina holds 51% stake in the Taizhou project, Shell and Qatar Petroleum each holds 24.5%.
