The first phase of CNOOC Huizhou Refinery was put into operation in March with an annual refining capacity of 12 million tons.

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The first phase of CNOOC Huizhou Refinery will be put into operation in March, with an annual refining capacity of 12 million tons. The first phase of China National Offshore Oil Corporation (hereinafter referred to as CNOOC) Huizhou Refinery will be put into operation in March 2009, with a refining capacity of 12 million tons per year. 　　The Huizhou Refinery is the first large-scale refinery invested and built by CNOOC. It is also the first refinery in the world to focus on the processing of marine heavy crude oil with high acid content. The first-phase investment is 19.3 billion yuan. The feasibility study report for the Huizhou refinery was approved in August 2004 ； The overall design of the project was approved in November 2005 ； In November 2006, the project construction entered the implementation stage. 　Relevant sources from CNOOC told Caijing reporters that March is usually the peak season for agricultural oil use, and with the recent introduction of favorable policies to revitalize the petrochemical industry, CNOOC chose to start production at this time to seize market share during the peak sales season. 　　He said that the first phase of the Huizhou refinery was ready for operation at the end of last year. However, due to the uncertainty of policies such as fuel tax reform at the time, CNOOC did not immediately determine the time for operation. 　　Qiu Xiaofeng, an analyst at China Merchants Securities, said that at the end of last year, domestic refined oil inventories remained high and market demand was weak, so CNOOC suspended the operation of its refinery. “At present, the pre-tax profit of domestic gasoline and diesel is about 150 yuan/ton, so it is a relatively good time to start production in March." 　　CNOOC has stepped up its efforts to enter the downstream market in recent years and has acquired many local refineries and gas stations in Shandong and other places. It currently has about 100 gas stations in China. 　　Qiu Xiaofeng pointed out that the era of "racing for territory" in the refined oil market is over, and it is impossible for CNOOC to occupy a large market in the refined oil market in a short period of time. 　　He believes that CNOOC's own gas stations are not enough to digest the output of the Huizhou refinery, and will focus on wholesale. CNOOC is currently vigorously developing its refined oil sales network in South China, East China and the Bohai Rim region, and is likely to supply part of the output of the Huizhou refinery to the above-mentioned regions. 　　"Finance" reporters learned that the second phase of the Huizhou refinery started construction in September 2008. It will add 10 million tons/year of refining capacity and a 1 million tons/year ethylene project based on the first phase, in order to further expand and extend the industrial chain and actively deploy downstream industries. This article comes from: Zhenwei Petroleum Network Detailed source reference http://news.cippe.net/news/12136.htm