BP to spend $ 800 mm in China in 2003

Europe's biggest oil company is going to spend $ 800 mm in China in 2003 to build an ethylene plant in Shanghai with Sinopec, and PetroChina in southern China as it decided to expand its Chinese market share.
BP's China total investments include 34 % stake in China's largest offshore gas field, Yacheng 13-1, and a 51 % stake in an acetic acid factory in the south-western city of Chongqing.

BP's planned 900,000-ton ethylene plant venture with Sinopec will cost as much as $ 2.7 bn and is scheduled to begin operating in 2005. The company also is spending about $ 280 mm to help build a LNG terminal in China's southern Guangdong province, the country's first.
BP's global spending as it is predicted will reach $ 13 bn next year.