PetroChina to build Chengdu plant

PetroChina has received government go-ahead to build an 800,000 ton-per-annum ethylene plant worth US$2.5 billion in Chengdu, capital city of Southwest China's Sichuan Province, state media reported. The nation's biggest oil producer would take a 51% stake in the plant and local government-owned firm Chengdu Petrochemical would take the rest. The facility should be completed by 2010.