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34

CNOOC Gets Some Stake In Private Comp

The country's third largest oil company, China National Offshore Oil Corporation, CNOOC, has bought 80 percent of the shares in a private oil firm in east China's Zhejiang Province Hangzhou Kangbo Petroleum Co. Ltd and that would be a major step in CNOOC's building of a national distribution network for refined oil products

The country's third largest oil company, China National Offshore Oil Corporation, CNOOC, has bought 80 percent of the shares in a private oil firm in east China's Zhejiang Province Hangzhou Kangbo Petroleum Co. Ltd and that would be a major step in CNOOC's building of a national distribution network for refined oil products .

Kangbo, with three gasoline stations and an oil depot in Zhejiang Province, will help CNOOC reduce costs in its building ofa distribution network, said Kangbo's general manager Chi Yongbo.

By 2010, CNOOC plans to build 1,000 gasoline stations and oil depots in three economic powerhouses: the Guangzhou-centered PearlRiver Delta, the Shanghai-centered Yangtze River Delta and the Beijing-centered Bohai Rim, said Li.

China opened the wholesale market for crude and refined oil products on Jan. 1, 2007, to break the longstanding monopoly of state-owned enterprises China National Petroleum Corporation and China Petroleum and Chemical Corporation.

The market opening and growing demand for oil have drawn domestic and foreign oil companies to the China market, said Wu Junhong, president of the Hangzhou Association for the Petroleum Industry.