CNOOC to expand Huizhou facilities for $6.5bn

24 October 2008 05:37  [Source: ICIS news]

SHANGHAI(ICIS news)--State-run oil major China National Offshore Oil Corp (CNOOC) plans to invest yuan (CNY) 45bn ($6.5bn) to expand its current refinery capacity and to build an ethylene cracker in Huizhou in southern province of Guangdong, a company source said on Friday.

 

CNOOC would raise the capacity of the refinery by 83% to 22m tones/yr from the current 12m tonnes/year and would construct a 1m tonnes/year naphtha cracker. The 12m tonnes/year refinery was slated for a start-up at the end of this year.

 

“The on-spec products will likely be produced next year,” the source said.

 

“We have started construction last month, and hopefully they could come on stream in 2011,” the source said, adding that any uncertainties would likely delay the start-up of the projects, but did not elaborate.

 

“The refinery expansion is also to increase the refined oil products (such as gasoline and diesel) to south China market in a bid to meet the rising domestic demand,” he said in Mandarin.

 

CNOOC has not yet decided on building some downstream petrochemical plants, the source added.

 

($1=CNY6.84)

 

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By: Judith Wang
+65 6780 4359



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