CNOOC to boost China's downstream market amid glut

13-Jan-09

In a bid to boost China's downstream market, China National Offshore Oil Corporation (CNOOC), the nation's largest offshore oil and gas producer has plans in the pipeline to up the refining capacity by 2 mln tons of Daxie Refinery in eastern China's Zhejiang Province from the current capacity of 8 mln tons and set underway operations at its Huizhou refinery in southern China by March. Recently, it acquired two refiners in Shandong and one in Hebei Province in the northern mainland's Bohai Bay Rim area. By 2020, CNOOC Group is targeting to achieve 70 mln tons refining capacity.