Total and Sinopec sign stake and shale gas deals
By Richard Fu |
March 30, 2012, Friday
|
Print Edition
Print Edition
TOTAL SA plans to take a stake of up to 20 percent in a proposed refinery complex in south China, and the French oil company has also sealed a deal with Sinopec to search for shale gas.
The 300,000-barrel-a-day refinery in the port city of Zhanjiang in Guangdong Province was initially to be built by Sinopec and Kuwait Petroleum Corp under a 50-50 venture. KPC has agreed to sell a 20 percent stake to Total, Bertrand de La Noue, chairman of Total China, said yesterday.
KPC, which will supply crude to the project, had said it would choose an international oil firm to be a partner, and Royal Dutch Shell Plc and BP Plc were among other candidates considered.
Talks with Sinopec on the project will be finalized in the "next few months," de La Noue said.
Meanwhile, Total has agreed with Sinopec to explore for shale gas, the unconventional fuel that may be a game changer in China's energy sector. They will explore for shale gas in Anhui Province, de La Noue said. But he said China must draft a "legal framework" for foreign companies to work on shale gas projects.
The 300,000-barrel-a-day refinery in the port city of Zhanjiang in Guangdong Province was initially to be built by Sinopec and Kuwait Petroleum Corp under a 50-50 venture. KPC has agreed to sell a 20 percent stake to Total, Bertrand de La Noue, chairman of Total China, said yesterday.
KPC, which will supply crude to the project, had said it would choose an international oil firm to be a partner, and Royal Dutch Shell Plc and BP Plc were among other candidates considered.
Talks with Sinopec on the project will be finalized in the "next few months," de La Noue said.
Meanwhile, Total has agreed with Sinopec to explore for shale gas, the unconventional fuel that may be a game changer in China's energy sector. They will explore for shale gas in Anhui Province, de La Noue said. But he said China must draft a "legal framework" for foreign companies to work on shale gas projects.
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