China National Offshore Oil Company (CNOOC) is slated to launch an upgraded joint-venture refinery complex around June, marking the state-controlled producer's further…
China National Offshore Oil Company (CNOOC) is slated to launch an upgraded joint-venture refinery complex around June, marking the state-controlled producer's further expansion into refining and petrochemicals, industry sources said.
CNOOC aims to start operating the complex on Daxie island in Ningbo that includes more than a dozen newly installed facilities under a 20 billion yuan ($2.74 billion) expansion programme, potentially raising the firm's demand for imported crude.
The key additions include a 120,000 barrels-per-day (bpd) crude unit, a 3.2 million-metric tons per year (tpy) catalytic cracker, a 2-million-tpy hydrocracker, a 2.4 million tpy continuous reformer and two polypropylene units each sized 450,000 tpy, a recent CNOOC procurement tender document said.
The upgrade expands crude processing capacity at the Daxie plant by 50% to 240,000 bpd as a smaller crude unit was mothballed, also scales up its capacity for making raw materials for plastics and synthetic fibre, according to three industry sources with knowledge of the matter.
The expansion at Daxie would lift CNOOC's total crude processing capacity to about one million bpd in China, including plants the state firm controls and invests, said one of the sources.
CNOOC's largest subsidiary is based in Huizhou of south China's Guangdong province, where
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