economy - Shell pulls out of 18bn USD project

Anglo-Dutch oil giant Shell pulled out of the east-west pipeline project with PetroChina, western media report today. A consortium led by Shell was expected to take a 15 percent stake in the 2,400 mile pipeline, connecting gas resources in Western China with energy-hungry Eastern China.
"PetroChina issued a letter of termination for the joint venture agreement following discussions between all parties to the joint venture framework agreement," Shell spokes man Nick Wood said yesterday.