CNOOC Clinches Phase-II Investment in Huizhou Refining Base
Monday, Apr 20, 2009

CNOOC Oil and Petrochemicals Co., Ltd. inked the formal investment agreement on the second phase of development of its oil refining base in Huizhou, Guangdong Province days ago.

The company, as the refining arm of China National Offshore Oil Corporation, decides to spend CNY 44.2 billion upgrading the super-large oil refining base in Huizhou, in line with the framework agreement it signed with the local government in August 2008.

The base now can process crude oil of 12 million tons per year and completed the trial operation in March 2009. It will expand refining capacity to 22 million tons and add new capacity of 1 million tons of ethylene in the second phase of construction between 2011 and 2015.

The base will be key portion of the middle and downstream industrial chain of petrochemicals that is taking shape in Huizhou. Investors from Holland, the US, the UK, Japan, Singapore and Germany have surged into the city and production bases of oil and gas and petrochemicals break earth one after another. In 2008, petrochemical industry generated industrial value-added of CNY 12.14 billion in Huizhou.


Source: Trading Markets

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