CHINA National Offshore Oil Corp. (CNOOC), the country’s third-largest oil company, signed a memorandum with the Shenzhen government yesterday to set up a large ethylene project here.
The project was designed to have a handling capacity of 1 million tons each year, a meeting between Fu Chengyu, chairman and chief executive of CNOOC, and Shenzhen Mayor Xu Zongheng at the Citizens’ Center was told yesterday.
Guangdong Party chief Wang Yang and Governor Huang Huahua also met Fu in Guangzhou yesterday morning.
Fu said the company had invested 97 billion yuan (US$14 billion) in Guangdong by last year and would keep expanding in the province.
Ethylene is the most produced organic compound in the world. Global production of ethylene exceeded 75 million metric tons per year in 2005. To meet the ever increasing demand for ethylene, sharp increases in production facilities have been added globally, particularly in the Gulf countries.
Founded in 1982, CNOOC, China’s largest offshore oil producer, focuses on the exploitation, exploration and development of crude oil and natural gas offshore from China.(SD News)