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Shell To Invest $500 mln in China

Anglo-Dutch oil concern Royal Dutch Shell plans to invest $500 mln in China

Anglo-Dutch oil concern Royal Dutch/Shell plans to invest $500 mln in China in 2005 as it is looking to take part in the investments of Chinese oil companies overseas, the company?s external affairs director Nick Wood said.

So far Shell has invested $3 bln in China.Mr Wood said, 'Investment this year will focus on our retail ventures, the Nanhai project and the Hanhzhou city ring pipeline.?

The Nanhai petrochemical plant in Daya Bay, Guangdong, is Shell's biggest investment so far in China.

The 50 pct joint venture with CNOOC Petrochemicals Investment Ltd has received investment of 4.3 bln usd and is expected to begin operations at the end of 2005.

It will have a capacity of 2.3 mln tons a year, with output including ethylene, polyethylene and propylene.