CNOOC Joins Hands with Fujian Province to Develop Haixi Economic Zone   

China National Offshore Oil Corp. (CNOOC) signed a cooperation agreement with the Fujian provincial government in Beijing on June 23rd to accelerate developing the Sanduao Xinan Peninsula in Ningde, and the Haixi economic zone.
   According to the pact, they will set up an industrial zone on the Xinan Peninsula - named Haixi Ningde Industrial Zone, and establish the CNOOC Haixi Ningde Industrial Zone Development Co., Ltd. in which CNOOC holds an 85% stake, Fujian Province Investment Development Group Co., Ltd. takes 10% and Fujian MinDong Electric Power Co., Ltd the remainder.
   Such projects including petroleum storage, natural gas utilization, oil and gas processing, metallurgical and machinery equipment, and their related industries and port and logistics facilities, are planned in the Haixi Ningde Industrial Zone.
   In near term, CNOOC Haixi Ningde Industrial Zone Development Co. will focus on a 5 million tons petroleum storage project, a 2.6 million tons a year LNG receiving terminal with a cold energy utilization project nearby, as well as equipment manufacturing base for the offshore oil industry.
   By the coast, the Haixi economic zone has been sit in a strategically important location in the nation's economic development blueprint, said Fu Chengyu, CNOOC's general manager. Today, the effort to push forward the development of Haixi has become a national level strategy, which gives a rare historical opportunity for Haixi to develop its economy. CNOOC, while endeavoring to secure energy supply, is actively supporting the national strategic planning and committed to the development of local economy. The two sides will expand the cooperation to more fields, in larger scale and to higher level.
   CNOOC has invested more than RMB15 billion in Fujian province over the past years, with projects ranging from LNG receiving terminal to natural gas pipeline network and LNG cold energy utilization facility.