GE and PetroChina Company Limited announced today that they would cooperate by creating a world-scale polycarbonate (PC) resin manufacturing joint venture in China.
Under the terms of the joint venture agreement, PetroChina Company Limited will supply the feedstocks and the partners will collaborate on a phosgene-free, melt technology-based polycarbonate plant that will be built to serve the growing local demand for PC resin. "Serving the growing Chinese demand for polycarbonate is a key strategic priority for GE. By combining our polycarbonate manufacturing technology with PetroChina's leadership and local expertise we expect to bring service and high-technology materials right to our Chinese customers' doorsteps," said Brian Gladden, GE vice president and general manager of Lexan resin and Global Product Companies.
"For nearly a quarter century GE Plastics has been a polycarbonate leader in China. This joint venture, combined with our existing and future Chinese compounding facilities, gives us an even greater ability to serve China's fast-growing marketplace."
"PetroChina Company's strengths are the exploration, production, refining, and marketing of our chemicals and natural gas businesses. By partnering with a well-respected leader like GE Plastics we create a natural extension of these strengths and generate new value for our shareholders," added Chen Geng, chairman of the Board of Directors of PetroChina Company Limited. "PetroChina is committed to continuing expanding its scope of foreign cooperation and collaboration. We are looking forward to this partnership, where our competitive capabilities will achieve mutual benefits for GE and PetroChina."
GE Plastics manufactures Lexan polycarbonate resin at Mt. Vernon, Indiana; Burkville, Alabama, Bergen op Zoom, The Netherlands; Cartagena, Spain; and Chiba, Japan and compounds Lexan polycarbonate resin at 15 plants worldwide, including facilities in China.
PetroChina Company Limited was established as a joint stock company with limited liabilities under the Company Law of the People's Republic of China (the PRC) on Nov. 5, 1999 as part of the restructuring of China National Petroleum Corporation (CNPC). In the restructuring, CNPC injected into PetroChina Company Limited most of the assets and liabilities of CNPC relating to its exploration and production, refining and marketing, chemicals, and natural gas businesses.
For more information about GE Plastics, please visit: geplastics.com.
For more information about PetroChina Company Limited, please follow this link: http://petrochina.com.cn/english/index.htm
About PetroChina Company Limited
PetroChina Company Limited (PetroChina) is one of the largest companies in the People's Republic of China in terms of sales. The company is engaged in a broad range of activities related to petroleum and natural gas, including: exploration, development and production of crude oil and natural gas; refining, transportation, storage and marketing, including import and export, of crude oil and petroleum products; production and sale of chemical products; and transmission, marketing, and sale of natural gas. (NYSE: PTR)
For more information contact:
Bergen op Zoom, The Netherlands
Tel: +31 164 292 097