Refinery study agreement inked

PetroChina Co, the country's largest oil company, has signed a letter of intent with Qatar Petroleum International (QPI) and Shell (China) Ltd to assess the feasibility of setting up a refinery and petrochemical complex in China.

The integrated refinery and petrochemical complex will have world-class capabilities to produce refined fuel and petrochemical products. PetroChina will take a 51 percent stake in the project, while QPI and Shell will each take a 24.5 percent stake.

The letter of intent was signed in Doha, the capital of Qatar, during Chinese Vice-President Xi Jinping's official visit.