Business Services Industry
CHINA: construction plans for proposed $1,953,000,000 oil refinery are finally approved by government, CHINA NATIONAL OFFSHORE OIL CORP. (CNOOC) [China] Order #: 092604.
WWP-Business Opportunities in Asia & the Pacific, September, 2004
PROJECT OVERVIEW:
China's consumption and demand for oil has risen dramatically in recent years due to a fast growing economy and a surge in car sales. According to analysts, China's total oil consumption is expected to reach 308 million tons this year making the country the world's second largest oil consumer and fifth biggest producer. As a result, the government of China finally approved the oil refinery construction plans submitted some time ago by CHINA NATIONAL OFFSHORE OIL CORP. (CNOOC).
Development plans under consideration call for building a plant with an installed production capacity of 12 million tons per year of oil. The plant is reportedly designed to focus on heavy oil processing with crude coming from northeastern China's Bohai Bay....
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