On May 17, CNOOC and Shell Petrochemical Company (CSPC) Huizhou Phase III Ethylene Project held the "Cloud Signing" Ceremony of the strategic cooperation framework agreement in Guangzhou, Beijing and Hague, Netherlands.  

The project will add 1 500 kt/a ethylene capacity to its phase I and Phase II projects, which have ethylene capacity of 1 000 kt/a and 1 200 kt/a, respectively. The phase III project will have a total investment of around US$5.6 billion (equivalent to over RMB39 billion), with annual output value at around RMB38.2 billion.

Phase III Ethylene Project includes 1 500 kt/a ethylene plant as the core of 14 sets of world-class scale production plant, introduces international advanced technology production with high added value, high differentiation and competitiveness of high quality petrochemical products, to meet the needs of new high performance chemical materials and high-end chemicals market and development of Guangdong-Hong Kong-Macao Greater. The main products of the project include ethylene, propylene, butadiene, ethylene oxide/ethylene glycol, styrene monomer propylene oxide, linear alpha olefin, poly alpha olefin, metallocene polyethylene, etc., which are widely used in the fields of medical health, architecture, textiles, packaging, transportation and electronics, etc.