Connect with us

Hi, what are you looking for?


China to invest 6.6 bln dlrs in oil refining

BEIJING, August 29 – 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.

Construction on the Huizhou project started in late 2005, and it is expected to come on-stream in October, the report said.

It is CNOOC\’s first large oil refinery project in the country and the first phase had a planned total investment of more than 20 billion yuan (2.9 billion dollars), it added.

The company also has a 50-50 joint venture petrochemical project in Huizhou with Anglo-Dutch oil giant Shell.

CNOOC\’s listed arm CNOOC Ltd. said on Wednesday that its first-half net profit rose by 89.3 percent year-on-year to 27.5 billion yuan on high oil prices and solid operational performance, the China Daily reported.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...