CNOOC constructs oil storage tank in Shaoguan

China National Offshore Oil Corp (CNOOC), the country's third-largest oil producer, has begun construction of an oil products storage tank in Shaoguan, Guangdong Province in southern China, sources reported.

With a storage capacity of 40,000 cubic meters, the project is expected to distribute 300,000 tons of oil products per year in three years with annual sales of over RMB 2 billion.

CNOOC reportedly invested RMB 80 million in this project, which has a registered capital of RMB 30 million.

As the largest offshore oil producer in China, the company is the parent of Hong Kong-listed CNOOC Ltd<883>.