Sinopec, PetroChina may invest in ethylene plant in Mideast

Chinese oil companies, including the two oil giants China National Petroleum Corporation (CNPC) and China Petrochemical Corporation, are negotiating with Mideast's enterprises on construction of a US$5 billion ethylene plant, sources cited an insider close to the situation as saying.

The source said China expects to achieve the final agreement on the deal as early as late this year, targeting partners including Kuwait Petroleum Corp, Saudi Basic Industries Corp and Saudi Arabian Oil Co.

China's top oil producer PetroChina Co, the listed unit of CNPC, is in talks with Mideast state-owned oil firms to jointly build a refining plant, according to a spokesman with PetroChina, but he declined to provide more details.