CNOOC in $6.6bn plan to double refining capacity

29 August 2008 12:17 [Source: ICIS news]

SHANGHAI (ICIS news)--China’s third largest oil producer China National Offshore Oil Corp (CNOOC) will invest about yuan (CNY) 45bn ($6.6bn) in almost doubling its refining capacity and building an ethylene plant, a company source said on Friday.

CNOOC planned to increase its refining capacity to 22m tonnes/year, from 12m tonnes/year at present, in a bid to meet the rising demand for refined oil, the source said.

The expansion project was scheduled to break ground in 2009 and come on stream in 2011, added the source.

The official could not confirm the start-up date of the planned 1m tonne/year ethylene plant.

On Wednesday, CNOOC announced an 89.3% year-on-year rise in first-half net profits to CNY27.5bn on higher oil prices.

($1 = CNY6.83)

Judith Wang contributed to this article

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