CNOOC Forms Bitumen GroupThe China National Offshore Oil Corporation (CNOOC) Thursday integrated its bitumen sector into a group company, the China Offshore Bitumen Enterprise Group.This new enterprise group consists of seven fully-invested or majority held subsidiaries under CNOOC's China Offshore Oil & Gas Development & Utilization Company. Currently, the 600 million yuan capitalized group has an annual production capacity of 1.5 million tons of bitumen. The group processes all its bitumen from the crude oil produced in Bohai Bay and possesses 30% of the domestic market. |
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