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.
(Xinhua News Agency March 15, 2007)