China National Offshore Oil Corporation, China's largest offshore oil and gas producer, has taken over Dongying port in Shandong province as a stronghold to develop the company's oil storage capacity, China Chemical Daily has reported.
According to the report, the Shandong Dongying city government and CNOOC have inked strategic cooperation deal, agreeing to CNOOC's take-over of Dongying port.
The company has granted significant investment in large-sized petrochemical and refining projects and oil storage facilities in the port area, the report said, but giving no concrete figures of the investment.
Prior to the acquisition, Dongying city government has invested some 1.5 billion yuan in the expansion of the port's handling capacity and two 30,000DWT bulk wharves have entered into operation since April 2009, said the report.
CNOOC, the parent of CNOOC Ltd.(CEO.NYSE; 0883.HK), is currently running a string of oil and gas fields in Bohai Sea and East China Sea. Dongying port could help the company to strengthen its operation in Shandong province and North China as a whole.
According to the report, the Shandong Dongying city government and CNOOC have inked strategic cooperation deal, agreeing to CNOOC's take-over of Dongying port.
The company has granted significant investment in large-sized petrochemical and refining projects and oil storage facilities in the port area, the report said, but giving no concrete figures of the investment.
Prior to the acquisition, Dongying city government has invested some 1.5 billion yuan in the expansion of the port's handling capacity and two 30,000DWT bulk wharves have entered into operation since April 2009, said the report.
CNOOC, the parent of CNOOC Ltd.(CEO.NYSE; 0883.HK), is currently running a string of oil and gas fields in Bohai Sea and East China Sea. Dongying port could help the company to strengthen its operation in Shandong province and North China as a whole.