CNOOC and Shell Petrochemicals Company Limited

What CNOOC and Shell Petrochemicals Company Limited does

CNOOC and Shell Petrochemicals Company Limited (CSPC, DBA 中海壳牌石油化工有限公司) is a 50/50 joint venture between CNOOC Oil & Petrochemicals (the petrochemical arm of China National Offshore Oil Corporation, a Chinese state-owned enterprise) and Shell Nanhai BV (a subsidiary of Shell plc), incorporated in China and operating a single integrated petrochemical complex in Huizhou, Guangdong Province. The company has run the site for over twenty years and currently anchors its asset base on 3.8 million tons of annual ethylene production capacity, complemented by a 1.2 million metric-ton-per-year steam cracker and a 630,000-ton-per-year styrene monomer joint venture established in April 2021. Downstream, CSPC produces ethylene, propylene, butadiene, polyethylene, specialty polyether polyols for polyurethane foams, high-end polyolefins, and differentiated polycarbonate engineering materials, sold via B2B contract pricing to industrial customers across high-end manufacturing, new energy, medical, construction, and automotive end-markets.

The business model is industrial B2B commodity-and-specialty petrochemical supply: CSPC purchases naphtha feedstock, cracks it through its steam crackers, and sells the resulting olefins and derivative polymers under undisclosed contract-based pricing to Chinese and Asia-Pacific industrial buyers. The company's distribution relies on direct enterprise sales rather than digital channels, with marketing primarily conducted through industry trade publications and petrochemical conferences. In January 2026 CSPC inaugurated a 7,000-square-meter product innovation center with over 170 sets of advanced equipment to drive a strategic shift toward higher-margin specialty products, launching three new brands targeting high-end manufacturing, new energy, and medical applications. Most recently, in March 2026 the company announced the shutdown of its 1.2 million-ton steam cracker due to Middle East/Iran-related disruptions to naphtha feedstock supply and losses from its heavy reliance on naphtha, introducing a near-term operational and revenue risk into an otherwise scale-driven, capital-intensive franchise.

Name

CNOOC and Shell Petrochemicals Company Limited

Legal name

CNOOC and Shell Petrochemicals Company Limited

Website

https://cnoocshell.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

CSPC is a 50/50 CNOOC–Shell joint venture operating a Huizhou, China petrochemical complex that produces ethylene, propylene, butadiene, polyethylene, specialty polyether polyols, high-end polyolefins, and polycarbonate engineering materials for industrial customers across manufacturing, new energy, medical, construction, and automotive sectors.

Ownership category

akta.pro rank

Product category

Petrochemicals

NAICS

Petrochemical Manufacturing (32511), Basic Chemical Manufacturing (3251)

SIC

Industrial Organic Chemicals (2860), Chemicals & Allied Products (2800)

akta.pro primary industry

Engineering Plastics & Performance Resins (PC, PA, POM, PBT, PMMA) (IMAEADAI)

akta.pro secondary industry

Styrenics (Styrene Monomer, PS, EPS, ABS) (IMAEADAE)

Keywords

• Petrochemical manufacturing
• Ethylene production
• Steam cracking operations
• Polyether polyols
• Polyolefin materials

Headquarters

HQ city

Huizhou

HQ country

China

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Distribution channels2 records

Marketing channels2 records

Core offering

CNOOC and Shell Petrochemicals Company Limited (CSPC) operates a large-scale integrated petrochemical complex in Huizhou, Guangdong Province, China, producing ethylene (3.8 million tons/year), specialty polyether polyols, high-end polyolefins, differentiated polycarbonate engineering materials, and styrene monomer. The company's product portfolio targets downstream industries including construction, automotive, high-end manufacturing, new energy, and medical applications, with a 7,000-square-meter Product Innovation Center driving shift toward differentiated specialty products.

Product overview

CNOOC and Shell Petrochemicals Company Limited (CSPC) operates a vertically integrated petrochemical complex in Huizhou, Guangdong Province, China. The company, a joint venture between CNOOC and Shell, has developed in Huizhou for over 20 years and produces 3.8 million tons of ethylene annually. Its product portfolio includes specialty polyether polyols, high-end polyolefins, and differentiated polycarbonate engineering materials. The company recently inaugurated a product innovation center to drive shift toward high-end and innovation-driven production, launching three new product brands targeting high-end manufacturing, new energy, and medical sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Specialty Polyether Polyols High-performance polyether polyols for polyurethane foam applications in construction and automotive industries, produced as part of CSPC's specialty petrochemical portfolio.
• High-End Polyolefins Premium polyolefin products targeting high-end manufacturing applications with differentiated performance characteristics.
• Differentiated Polycarbonate Engineering Materials Specialized polycarbonate materials designed for engineering applications requiring specific performance characteristics, targeting new energy, medical, and high-end manufacturing sectors.
• Ethylene Production (Huizhou Complex) Petrochemical production facility with 3.8 million tons of annual ethylene production capacity, located in Huizhou, Guangdong Province, China, forming the core of CSPC's integrated petrochemical operations.
• Steam Cracker Operations (1.2 million metric tons/year) Major steam cracking unit at the Huizhou petrochemical complex producing ethylene and other olefins from naphtha feedstock, with annual capacity of 1.2 million metric tons.
• Styrene Monomer (Joint Venture Production) Joint venture production capability of 630,000 tons per year of styrene monomer at the Huizhou petrochemical complex, operated under the CNOOC Oil & Petrochemicals and Shell Nanhai BV joint venture.

Quantifiable outcome

• 3.8 million tons annual ethylene production capacity
• +1 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• Shell Nanhai BVflagshipStrategic or Co-development Partner · 1 April 2021Shell Nanhai BV established a joint venture with CNOOC Oil & Petrochemicals in China in April 2021, capable of producing 630,000 tons per year of styrene monomer. This represents a major capacity expansion in the styrene value chain.
• CNOOCcoreStrategic or Co-development PartnerCNOOC (China National Offshore Oil Corporation) is the Chinese parent company and joint venture partner in CSPC (CNOOC and Shell Petrochemicals Company Limited). CNOOC provides upstream oil and gas resources, feedstock supply, and local market expertise in China.
• ShellcoreStrategic or Co-development PartnerShell is the international parent company and joint venture partner in CSPC. Shell provides global petrochemical technology, operational expertise, and international market access. Shell-CNOOC China joint venture (CSPC) operates the Huizhou petrochemical complex with 1.2 million metric ton/year steam cracker.

Scale indicators3 records

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• Sinopec (China Petroleum & Chemical Corporation): China's largest integrated petrochemical and refining company with massive ethylene and downstream polymer capacity. Directly comparable as a domestic Chinese steam cracker and polyolefin producer; broader in scope than CSPC, including upstream refining and retail.
• BASF SE: Global integrated chemical major with major steam cracking operations producing ethylene, propylene, polyolefins, polyethers, polycarbonates, and styrenics. Highly comparable to CSPC across the same product families and end markets.
• ExxonMobil Chemical: Global petrochemical division of ExxonMobil producing ethylene, propylene, polyolefins, and specialty products via large-scale steam cracking. Comparable feedstock-to-polymer integrated model, though globally diversified versus CSPC's single Chinese complex.
• Dow Inc. Major US-based integrated chemical producer with significant ethylene, polyethylene, polyurethanes (including polyether polyols), and performance materials. Directly comparable in polyether polyols and polyolefin exposure and JV-style global asset footprint.
• PetroChina Company Limited: Major Chinese state-owned integrated oil and petrochemical company with ethylene, polyolefin, and aromatics capacity. Comparable as a Chinese state-affiliated petrochemical competitor targeting the same domestic downstream customers as CSPC.

Direct peers

• LyondellBasell Industries: World-leading polyolefin and olefin producer operating large-scale steam crackers and producing polyethylene, polypropylene, and propylene oxide derivatives (including polyether polyols). Closely comparable in cracker, polyolefin, and polyols product overlap.
• SABIC (Saudi Basic Industries Corporation): Saudi-based petrochemical leader producing olefins, polyolefins, polycarbonates, and styrenics from hydrocarbon feedstocks. Comparable naphtha/ethane-based cracker economics and downstream polycarbonate/engineering plastics portfolio targeting similar global end markets.
• Formosa Plastics Corporation: Taiwan-based petrochemical producer with large-scale naphtha cracking and downstream polyolefin, PVC, and specialty polymer operations across Asia. Comparable in cracker scale, naphtha-feedstock exposure, and regional Asian downstream customer base.
• INEOS Group: Global petrochemical producer with significant ethylene, propylene, polyolefins, and styrenics assets including several large Asian crackers. Closely comparable in cracker-based olefin/polymer production and trading-oriented B2B petrochemical model.
• Covestro AG: Leading global polycarbonate and polyurethanes (MDI/TDI/polyether polyols) producer, spun off from Bayer MaterialScience. Highly comparable to CSPC's polycarbonate engineering materials and polyether polyols product lines and end markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CNOOC and Shell Petrochemicals Company Limited