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18

China Offshore Firm To Build Oil Refinery

It is CNOOC's first large oil refinery project in the country

China National Offshore Oil Corp. is likely to invest $6.6 billion to nearly double the capacity of a major refinery project, state media said Friday.

CNOOC plans to boost its oil refinery in Huizhou, a city in south China's Guangdong province, to 22 million tonnes a year by 2015 from the present 12 million, the China Daily said.

It will also add to the refinery a new plant that will make ethylene, a widely used compound, with a capacity of one million tonnes a year, the report said.

Construction on the Huizhou project started in late 2005, and it is expected to come on-stream in October, the report said.

It is CNOOC's first large oil refinery project in the country and the first phase had a planned total investment of more than 20 billion yuan (2.9 billion dollars), it added.