CNOOC eyes Hebei refiner to access new market

19 October 2007 10:11  [Source: ICIS news]

SINGAPORE (ICIS news)--Energy major China National Offshore Oil Corp (CNOOC) plans to buy a state-owned refiner to gain access to the country’s northern market, a company spokesman said on Friday.


The company would start acquisition talks after it signed framework agreements with the Hebei provincial government and Zhongjie Petrochemical late last week, the spokesman, who declined to be named, added.


Zhongjie said CNOOC would help significantly increase its annual refining capacity within three years after getting approval from the government.


However, the CNOOC spokesman said they had not discussed expansion plans yet.


Zhongjie, established in 1975, produces refined oil products, liquefied petroleum gas (LPG), methyl ethyl ketone (MEK) and dimethyl ether (DME) in Cangzhou.


CNOOC is currently building its first 12m tonne/year refinery and an aromatics unit in Daya Bay, Huizhou, Guangdong province, beside its 800,000 tonne/year joint- venture cracker with Shell. The project is scheduled to start up next year.

By: Florence Tan
+65 6780 4359

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