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CNOOC Plans to Build Petrochemical Project in Cangzhou

China National Offshore Oil Corporation (Beijing) will invest $2.5 billion to build a new refining and petrochemical integrated project in Cangzhou City in China's Hebei Province.

Released Thursday, July 31, 2008


Researched by Industrial Info Resources (Sugar Land, Texas)--China National Offshore Oil Corporation (CNOOC) (Beijing) will invest $2.5 billion to build a new refining and petrochemical integrated project in Cangzhou City in China's Hebei province.

In October 2007, CNOOC and Hebei Zhongjie Petrochemical signed a cooperation agreement to construct the $2.5 billion project. Construction of the 12 million-ton-per-year refining and petrochemical project will soon be launched, with production scheduled to begin within three years.

Integrated refining and petrochemical-manufacturing projects are favored by oil giants as investment projects, since they incorporate both refining and petrochemical production. The major petrochemical product from these integrated projects is ethylene, a basic material needed for the production of many other products.

Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services.
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