BP courts Chinese state oil firms

BP is courting PetroChina and Sinopec for joint refinery investments in China. BP is in discussions with Sinopec Corp. for a joint venture refinery that could be located in Beihai, Guangxi Province, or in Zhanjiang, Guangdong Province, both situated on the southern coast. BP is also in discussions with PetroChina to build a plant in Shanghai, but discussions are at an early stage and both parties are still preparing proposals for initial government approval. According to Reuters, BP is still evaluating the investment risks of constructing a new refinery, as many are being built or have recently started operations in China. (July 23, 2009)