The four parties signed a preliminary investment agreement for the Huizhou phase 3 ethylene expansion, with a total investment of up to 52.1 billion yuan ($7.57 billion), to build a 1.6 million ton/ethylene cracking unit and a total of 18 chemical downstream facilities along with supporting public works, storage and transportation, fire protection, and flare systems, said CNOOC.

中海油表示，双方签署了惠州三期乙烯扩建的初步投资协议，总投资高达521亿元人民币（75.7亿美元），将建设一个160万吨/乙烯裂解装置和总共18个化工下游设施，以及配套的公共工程、储运、消防和火炬系统。

"According to him, overcapacity in the downstream sector is flared up by some companies' thirsty for expansion and local governments' desire for more tax and employment, but ultimately disrupts the balance of market supply and demand, especially against the background of rising uncertainties in the global economy.

The bank has also said it could cut nearly 5,000 jobs due to a weaker outlook, and the departure of John Flint comes as trade-war tensions flare between the United States and China.

Gold futures on the COMEX division of the New York Mercantile Exchange climbed on Tuesday to their highest level since last September as geopolitical tension flared around the Korean Peninsula.