China: CNOOC Invests RMB 300bn in Guangdong
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Monday, 16 March 2009 |
China National Offshore Oil Corp (CNOOC), intends to invest RMB 300bn
for its development in Guangdong Province over the next five years,
sources reported, citing Fu Chengyu, the general manager of the oil
producer.
To date, CNOOC has invested more than RMB 120bn in Guangdong, of which RMB 33bn was invested last year. The first-stage of Guangdong's key oil refining project, with annual refining capacity of 12 million tons and with investment of RMB 20 billion, is schedualed to start operation in Huizhou City on Mar. 20, 2009. In 2012, the total oil refining capacity of Guangdong is estimated to reach 100 million tons a year.
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