CNOOC Acquires HBON to Strengthen Downstream Business
Recently, CNOOC has wholly acquired the HBON (和邦) Chemical to strengthen downstream business in east China of the off-shore oil company.
CNOOC has completed the deal through its subsidiary in Zhejiang - CNOOC Ningbo Daxie Petrochemical Co. (CNOOC Ningbo Daxie). Now, HBON is the wholly subsidiary of CNOOC Ningbo Daxie. However, the financial details are not disclosed.
Located in Daxie island Zhejiang Province, CNOOC Ningbo Daxie is a jv between CNOOC, Hong Kong based Lewin (利萬) Group and NIngbo Beilun Power fuel Co. Among them, CNOOC has 51% shares.
CNOOC Ningbo Daxie has an existing 2 Mt/a refining facility and it will put on stream for another 6 Mt/a refining facility in late Feb. 2009, and make total refining capacity to 8 Mt/a. So then it will provide the feedstock for HBON facilities.
In Apr. 2008, the company started up its aromatics project. With total investment around USD100 million, the project has 250,000 ton/year BTX (Benezene 50,000tpa, Toluene 80,000tpa and Xylene 120,000tpa) capacity. By using UOP aromatics technology, the project can process heavy oil as a feedstock, and the BTX products will provide to East China Market. It also has a 2.4 million t/a heavy oil cracking unit, and a 1.7 million t/a distillate oil hydrofining unit.
HBON Chemical is located in Zhoushan, Zhejiang Province. Before the acquisition, HBON was a jv of Hong Kong based Deji Investment Company, Ningbo Hongbang Petrochemical and Ningbo Kaifeng Petrochemical. Deji Investment holds 60% stakes in Hebang and the other two companies hold the rest 40%.
HBON was impacted by the economic crisis, which dispersing in the Q4 2008 and makes the company difficult to operate the business. According to industrial sources, the potential competitive buyers include Sinopec, PetroChina and CNOOC, while CNOOC is the final winner.
Currently in East China market, the gasoline, diesel and aromatics product are mainly supplied by Sinopec and PetroChina, So, the acquisition of HBON will help CNOOC to strengthen its downstream business in this area.
CNOOC has completed the deal through its subsidiary in Zhejiang - CNOOC Ningbo Daxie Petrochemical Co. (CNOOC Ningbo Daxie). Now, HBON is the wholly subsidiary of CNOOC Ningbo Daxie. However, the financial details are not disclosed.
Located in Daxie island Zhejiang Province, CNOOC Ningbo Daxie is a jv between CNOOC, Hong Kong based Lewin (利萬) Group and NIngbo Beilun Power fuel Co. Among them, CNOOC has 51% shares.
CNOOC Ningbo Daxie has an existing 2 Mt/a refining facility and it will put on stream for another 6 Mt/a refining facility in late Feb. 2009, and make total refining capacity to 8 Mt/a. So then it will provide the feedstock for HBON facilities.
In Apr. 2008, the company started up its aromatics project. With total investment around USD100 million, the project has 250,000 ton/year BTX (Benezene 50,000tpa, Toluene 80,000tpa and Xylene 120,000tpa) capacity. By using UOP aromatics technology, the project can process heavy oil as a feedstock, and the BTX products will provide to East China Market. It also has a 2.4 million t/a heavy oil cracking unit, and a 1.7 million t/a distillate oil hydrofining unit.
HBON Chemical is located in Zhoushan, Zhejiang Province. Before the acquisition, HBON was a jv of Hong Kong based Deji Investment Company, Ningbo Hongbang Petrochemical and Ningbo Kaifeng Petrochemical. Deji Investment holds 60% stakes in Hebang and the other two companies hold the rest 40%.
HBON was impacted by the economic crisis, which dispersing in the Q4 2008 and makes the company difficult to operate the business. According to industrial sources, the potential competitive buyers include Sinopec, PetroChina and CNOOC, while CNOOC is the final winner.
Currently in East China market, the gasoline, diesel and aromatics product are mainly supplied by Sinopec and PetroChina, So, the acquisition of HBON will help CNOOC to strengthen its downstream business in this area.
source: http://kaznak.web.infoseek.co.jp
