China's CNOOC to invest 6.6 bln dlrs in oil refining: report

0 Comments | AFP, August, 2008

BEIJING (AFP) — China National Offshore Oil Corp. (CNOOC), the nation's third largest oil producer, will spend 6.6 billion dollars 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.

"The Huizhou project will further increase the energy supply in the Pearl River Delta (in Guangdong), one of China's economic powerhouses," the newspaper quoted an unnamed source at the company as saying.

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