CNOOC Plans to Build Petrochemical Project in Cangzhou

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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.

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