CNOOC Constructs Chemical Terminal

The chemical terminal project in Hainan Basuo Port funded by CNOOC Chemical Co., Ltd. with an investment of RMB298.3 million has recently started construction and will be completed at the end of July 2006.     The feasibility study of the project was completed in February 2005. The first lot of project funds amounting to RMB150 million has already been subscribed.      It is reported that the new terminal will be used for the shipment of chemical products such as methanol out of the island.     CNOOC is the largest shareholder of Basuo Port Co., Ltd. and can therefore use the terminal as a new logistics base to effectively reduce the cost of operating ships and short-distance transport vehicles and make a smooth shipment of downstream products including methanol out of the island. Basuo Port Co., Ltd. can also use the modern management mechanisms introduced from abroad, the advantages of CNOOC in capital, human resources, technology and management and its own rich port management experiences to promote the operation and development of the port.