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China's biggest oil producer in talks with Qatar: report

by Staff Writers
Shanghai (AFP) March 5, 2008
China National Petroleum Corp., the country's biggest oil and gas producer, is in talks with Qatar Petroleum to set up a petrochemical joint venture in China, Chinese state media said Wednesday.

While the two sides have not decided where to locate the plant or how much to spend on it, they are working on a feasibility study, the China Securities Journal reported, citing an unnamed source with PetroChina.

The project, expected to be completed in 2013, will have an annual capacity of between 700,000 and 800,000 tonnes in the initial stage, the report said.

The official Xinhua news agency has reported that China's state economic planning body and Qatar's energy ministry on Sunday signed a memorandum on energy cooperation in Doha.

Qatar has the world's third-largest gas reserves.

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High oil prices drive millions back to poverty in Philippines: survey
Manila (AFP) March 5, 2008
Soaring oil prices and the rising cost of living have driven nearly four million people in the Philippines back into poverty, officials said Wednesday.

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