BP to invest half a billion in China

Global oil giant BP PLC will invest USD 500 million in China this year and expects that pace to continue for the next few years as a number of big projects come on line, a company official has said. “BP plans to invest about USD 500 million in China a year this year and over the next few years. The investment will be all-round, including both upstream and downstream,” a Beijing-based spokeswoman for the company said. By the end of last year, BP had invested USD 3.5 billion in China, she said. BP’s key investments in China include a 50% stake in a USD 2.7 billion joint venture ethylene complex in Shanghai city and a 30% stake in a USD 616 million liquefied natural gas project in the southern province of Guangdong.

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