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By Wang Yu (China Daily)
Updated: 2007-07-25 09:34

China's top offshore oil producer is strengthening its foothold in downstream businesses by planning several gigantic heavy oil petrochemical projects in Guangdong Province.

These include a 3 million ton asphaltum project and a 600,000 ton lubricant plant in Zhanjiang of Guangdong Province, Liu Junshan, a senior press official with China National Offshore Oil Corporation (CNOOC), told China Daily yesterday.

Since the details are still being worked out, Liu was tight-lipped on investment figures. But he said the projects will use heavy oil as raw material.

"The material will either come from our oilfields in Bohai Bay or imported. Asphaltum will be the primary refined product. Further refining of heavy oil will yield lubricant," Liu said.

CNOOC is seeking a differentiated approach to develop its petrochemical business for niche markets in China. Developing heavy-oil-based petrochemicals is a key component of that strategy, Fu Chengyu, chairman of CNOOC, told China Daily.

"We want to add value to our heavy oil resource. Our asphaltum products refined from heavy oil accounts for 30 to 40 percent of the domestic market and high-end asphaltum products can replace imported counterparts," Fu had said in an earlier interview.

Agreeing with Fu, Pan Derun, vice-president of China Petroleum and Chemical Industry Association (CPCIA), said refining asphaltum from heavy oil is a wise idea. "This way, the value of heavy oil can be maximized," Pan said.

CNOOC is now busy developing special asphaltum products with designated multi-functions. In addition to quality products, it is also offering integrated solutions for transport departments, Fu said.

CNOOC is strong in petrochemical segments such as asphaltum and fertilizer, and it's natural for the offshore oil giant to further tap downstream business as a strategic development path as its upstream production increases, Liu Gu, a senior energy analyst with Guotai Jun'an Securities, said.

Asphaltum and lubricant products in China face good market prospects, CPCIA's Pan said. "High-end asphaltum and lubricant products are, to a large extent, import-oriented. CNOOC's high-end asphaltum products can replace imports and are widely used in highway and airport construction," Pan told China Daily.

Though investment details are not yet available, Nanfang Daily quoted a local official as saying total investment in major petrochemical projects in Zhanjiang would exceed 20 billion yuan.