PetroChina Co Ltd <0857.HK> and China Petroleum & Chemical Corp (Sinopec) <0386.HK> have signed an agreement with the Zhejiang government on six petrochemical projects worth 139.1 billion yuan ($22 billion), the official China Securities Journal reported on Wednesday.
The report said the two companies would work with Zhejiang provincial government to strengthen the supply of natural gas and refined oil, and build facilities, without citing sources.
PetroChina <601857.SS> would cooperate with Zhejiang to promote a project in Taizhou and to build compressed natural gas and liquefied natural gas plants for PetroChina Kunlun Gas Co and Quzhou government, the newspaper said.
Sinopec <600028.SS> would focus on development of a long-distance natural gas pipeline between Xinjiang and Zhejiang, and Wenzhou Sinopec LNG projects, it said.
In October, China National Petroleum Corp, parent of PetroChina, said it had signed an initial agreement, together with Royal Dutch Shell Plc
(Reporting by Yixin Chen and Kazunori Takada; Editing by Chris Lewis)