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CNOOC Refining & Petrochemical Co. will channel 17 billion yuan to build this refining program along Bohai Sea in coordination with Hebei Zhongjie Petrochemical Group Company.
Still, this project requires approval from Chinese economic planner National Development and Reform Commission.
"The construction will be completed within two to three years with Hebei Zhongjie Petrochemical providing production site and some facilities," said source from Hebei Zhongjie Petrochemical.
Li Xin, analyst with Great Wall Securities, said, "This reefing complex will bring in 60-70 billion yuan of income each year on condition of full operation and existing crude oil prices."
CNOOC Refining & Petrochemical acquired 60 percent stake in Hebei Zhongjie Petrochemical in early 2008 in addition to planned cooperation in production sector.
CNOOC signed a framework agreement of strategic cooperation with Hebei provincial government in October 2007 with another cooperation agreement between CNOOC Refining & Petrochemical Co. and Hebei Zhongjie Petrochemical reached simultaneously.
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