October 28th, 2000 (Gengchen the first two days of October), the signing of the 89 CSPC tons ethylene project, a joint venture contract.

2000 10 28, a total investment of $ 4.05 billion, China's largest Sino-foreign joint venture petrochemical project --- 800,000 tons ethylene project in CNOOC and Shell joint venture contract signed in Beijing. Li Peng, chairman of the Standing Committee of the National People's Congress, attended the signing ceremony.
Under this contract, from now until 2005 in Huizhou, Guangdong Daya Bay Economic and Technological Development Zone, will emerge as a world-class scale modern petrochemical conglomerate. Its main device including: an annual output of 800,000 tons of ethylene cracker, an annual output of 560,000 tons of styrene monomer with an annual output of 250,000 tons of propylene oxide co-generation unit, and set an annual output of 320,000 tons of ethylene alcohol device, an annual output of 240,000 tons of polypropylene plant, a production of linear low density polyethylene, 200,000 tons of high-density polyethylene unit and an annual output of 25 million tons of low-density polyethylene plant and ancillary works . The entire petrochemical enterprises will introduce 12 of the world's most advanced technology, with an annual output of 230 tons of high-quality petrochemical products to the Chinese market and will replace some of the imported products, products with annual sales expected to reach about $ 1.7 billion. general manager Wei Liucheng
China National Offshore Oil Corporation and Shell Chemical CEO Henkes sign the contract. Henkes said the project is the largest construction project in more than 100 years of famous multinational companies of the Shell Group, reflecting the Shell Group firm confidence in the future development of China's economy. Also widely supported by the British, the Dutch government and the European Union.
It is understood that the newly established joint venture company called CNOOC and Shell Petrochemicals Company Limited, the Chinese and foreign 50-50.