State-owned China National Offshore Oil Corporation (CNOOC) has set up an oil refining and petrochemical subsidiary to increase its presence in the downstream sector. The subsidiary, CNOOC Refining and Petrochemical Co. was established to be in charge of developing refineries, petrochemicals and refined oil products, as well as sales of refined oil products and petrochemicals and is 100% owned by CNOOC.
The subsidiary will be in charge of a refinery in Huizhou and a petrochemical unit in Nanhai. The Huizhou refinery is expected when operational by late June 2008, and is to supply 2 million tpa of feedstock to the petrochemical unit in Nanhai. The Nanhai petrochemical unit is 45% owned by CNOOC, 50% owned by Royal Dutch Shell PLC and 5% owned by Guangdong Investment & Development Co.
05-Dec-05 
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