Wednesday, October 31, 2007; Posted: 04:45 AM
With the two projects in Huizhou (a petrochemical complex included) put into operation and more gas stations built to enlarge its retail terminal network, CNOOC will integrate its upstream and downstream operations in 2008, said Liu Junshan, spokesperson for the gas and oil titan.
The oil refining project has been the first large downstream project solely invested by CNOOC. It started construction in December 2005 in Huizhou, an industrially fast growing city in Guangdong Province, and is scheduled to be brought into operation in the second half of next year.
The project will build the world's first refinery targeted at heavy sour crude with an annual production capacity of 12 million tons. Once completed, it is predicted to generate sales revenues of more than CNY 34 billion.
The project will be capable of turning out quality gasoline'kerosene and diesel oil of 7.3 million tons in accordance with the European Union (Phase III and IV) Emission Standards, ethylene pyrolysis feedstock of 1.5 million tons, and P-Xylene of 800,000 tons a year.
Meanwhile, CNOOC is working on another five oil refining projects, disclosed Huang Xinqing, a manager with the gas station networking division of CNOOC Refining and Petrochemical Co. under the giant's wing.
The oil and gas giant is believed to be stronger in the refining sector when competing head-to-head with the earlier comers China Petrochemical Corp. (Sinopec Group) and China National Petroleum Corp. (CNPC).
Besides, CNOOC, the manager announced on October 21, plans to build 1,000 gas stations and assisting oil tanks in the Yangtze River Delta, Pearl River Delta and Baohai Bay by 2010 in a bid to create a complete oil products sales network.
On October 11, the oil and gas titan put its first gas station into operation in Huizhou, which started construction in April 2007. Once the oil refining project starts to roll out, 30 gas stations will be built up in the city as an accessory part of the project.
The first gas station, with 15 employees, a construction area of 8,000 square meters, and a floor area of 5,000 square meters, has successfully brought CNOOC to an area that had been cornered by Sinopec Group and CNPC for a long time.
From cnstock.com, Page 1, Tuesday, October 30, 2007 info@SinoCast.com
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