PetroChina Co.,Ltd. (857), the nation’s largest oil and gas producer, signed an investment accord with Zhejiang province that includes a plan to accelerate building of a refining and petrochemical complex in Taizhou City.

The company signed a strategic cooperation agreement with the Zhejiang government for projects worth 80 billion yuan ($12.7 billion), the China Securities Journal reported today. Mao Zefeng, PetroChina’s spokesman, confirmed the accord and the construction of the complex while declining to comment on the reported value. The projects are not new, he said.

China Petroleum & Chemical Corp. (600028), the nation’s biggest refiner, also signed an agreement with the eastern Chinese province, according to China Securities. The company known as Sinopec will be involved in building natural-gas and oil-product projects worth 80 billion yuan, including a gas pipeline linking Xinjiang and Zhejiang and a liquefied natural gas-receiving terminal in Wenzhou city, it said. Sinopec spokesman Huang Wensheng declined to comment on the report.

PetroChina Co., Royal Dutch Shell Plc (RDSA), Qatar Petroleum and Zhejiang province’s Taizhou city government signed an agreement this year to build a petrochemicals and refining complex. The oil companies plan to use imported condensate to produce petrochemical products including ethylene, China National Petroleum Corp. said Oct. 13.

Source:bloomberg.com