A large oil refining project with capacity of 10 million tons has just been approved by the Chinese National Development and Reform Commission.
The project of $1.9 billion worth and located in Qinzhou of southwest China's Guangxi Zhuang Autonomous Region, becomes the first 10-million ton project of oil refining in southwest China. The China National Petroleum Corporation (CNPC), the country's largest oil and gas producer, will construct the plant.
The project, to be completed in 2008, will enhance competition between CNPC and its major domestic rival Sinopec Group in the market of southwest China. The project will mainly refine crude oil produced by CNPC outside China.
The project of $1.9 billion worth and located in Qinzhou of southwest China's Guangxi Zhuang Autonomous Region, becomes the first 10-million ton project of oil refining in southwest China. The China National Petroleum Corporation (CNPC), the country's largest oil and gas producer, will construct the plant.
The project, to be completed in 2008, will enhance competition between CNPC and its major domestic rival Sinopec Group in the market of southwest China. The project will mainly refine crude oil produced by CNPC outside China.
CNOOC Begun Producing Oil at Dubbed Bozhong
China National Offshore Oil Corp., or CNOOC, has begun producing oil at the smallest offshore oilfield China has discovered, company sources said on Tuesday.
"The move shows that China has edged to the forefront of the globe in cost-effective offshore oil exploration technology," said Zhou Shouwei, deputy general manager of CNOOC. Dubbed Bozhong 34-5, the small oilfield has a workable reserve of only 1.8 million cubic meters, according to Zhou.
Founded in 1982, the CNOOC has built 51 oilfields and gas fields and has been listed on the Hong Kong and New York stock exchanges. Last year, the CNOOC produced 40.33 million tons of oil equivalent compared with 90,000 tons in 1982. Its annual sales income reached 120.8 billion yuan (15.7 billion U.S. dollars), as against 394 million yuan (51.2 million U.S. dollars) 25 years ago.
CNOOC's output is expected to reach 100 million tons of oil equivalent by 2010.
"The move shows that China has edged to the forefront of the globe in cost-effective offshore oil exploration technology," said Zhou Shouwei, deputy general manager of CNOOC. Dubbed Bozhong 34-5, the small oilfield has a workable reserve of only 1.8 million cubic meters, according to Zhou.
Founded in 1982, the CNOOC has built 51 oilfields and gas fields and has been listed on the Hong Kong and New York stock exchanges. Last year, the CNOOC produced 40.33 million tons of oil equivalent compared with 90,000 tons in 1982. Its annual sales income reached 120.8 billion yuan (15.7 billion U.S. dollars), as against 394 million yuan (51.2 million U.S. dollars) 25 years ago.
CNOOC's output is expected to reach 100 million tons of oil equivalent by 2010.
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