China National Offshore Oil Corp. is finalizing plans for a large base oil expansion at its refinery in Taizhou, Jiangsu province – part of an effort to make China more self-sufficient in materials needed to make high-qualify lubricants.
The project would have capacity to make 600,000 metric tons per year of API Group II+ and Group III, along with other materials such as white oils. Officials say the refinery already has capacity to make 800,000 t/y of those materials.
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Li Yuhua, CNOOC Taizhou general manager for the lube business, confirmed that the project has a price tag of ¥3.5 billion (U.S. $551 million) and said the company is expected to give final approval in late April.