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February 1, 2010

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Chinese market vital to giants

THE CEOs of Shell and Dow Chemical, two global oil and chemical giants, have said they are willing to expand investment in China which is increasingly important on the world stage.

Peter Voser, CEO of Royal Dutch Shell, said on the sidelines of the World Economic Forum in Davos, Switzerland, that Shell has significant investment plans in China, which is one of the company's key markets.

"We are very optimistic that we will achieve a very competitive position there," he said. "It is the biggest market in the world in the longer term and I think we have all the businesses and all the products which China will need."

Shell has closely cooperated with Chinese state-owned oil companies like CNPC and Sinopec. China is becoming the most important energy market, and the two are Shell's partners in China, said Voser.

New demand

"They are very active in all the areas of upstream and downstream," he said. "We are very happy to collaborate and work together with them within China but also outside China. We are delivering our technology and our best products into China."

Andrew N. Liveris, CEO of Dow Chemical, also told Xinhua in a separate interview that China has created "amazing" new demand.

"We see China as a manufacturing economy that has entered the world stage," he said. "It's obviously geared towards exports, but increasingly to local consumption."

Liveris said infrastructure investment by the Chinese government was rapid and it has worked and created huge domestic demand.

He said Dow Chemical is now working on the Yulin project, a coal-to-chemical project in northwest China's Shaanxi Province, together with Shenhua Group, China's biggest coal producer.

Last year, Dow Chemical opened the Shanghai development center. Liveris said this is "not just for China, but for the world."


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