TMTPOST -- A joint venture between China National Offshore Oil Corporation (CNOOC) and Shell plc has confirmed a major investment of nearly 60 billion yuan (approximately 8.35 billion U.S. dollars) for two projects in Huizhou City, Guangdong Province, South China. The venture, CNOOC and Shell Petrochemicals Company Limited (CSPC), announced on Wednesday that full-scale construction has officially begun on the Huizhou Phase III Ethylene Project and the Polycarbonate Project. "This final investment decision marks a significant milestone and represents the third major expansion of CSPC," said Roelof Heezen, CSPC's deputy general manager. The Phase III Ethylene Project will include 16 production units, notably an ethylene unit with an annual capacity of 1.6 million tonnes, alongside downstream facilities and other supporting infrastructure. Both projects are slated for completion by 2028, underscoring CSPC's ongoing commitment to advancing China's petrochemical industry and strengthening its presence in the global market.