CHINA / National |
PetroChina abandons project with US plastic producer(Xinhua)Updated: 2007-03-14 19:52 BEIJING -- PetroChina, one of China's two major onshore oil and gas producers, has abandoned a plan to jointly produce polycarbonate (PC) in northern China with the US-based GE Plastic, company sources announced on Wednesday. A source with PetroChina said that the decision was based on market research but did not elaborate. Last June, GE Plastic, headquartered in Pittsfield, Massachusetts, the United States, announced a partnership plan with PetroChina, which would provide raw materials for the joint-venture PC facility. It is reported that the possibility of GE Plastic being sold by its parent company, GE, could have affected the joint-venture plan. Industry observers say there will be an oversupply of PC in China over the next few years. This prediction was another likely factor behind the abandonment, observers said. A petrochemical product, polycarbonate is mainly used for producing instruments, precision machines, auto parts, sports gear and CDs/DVDs.
|
|