With oil and gas exploration and development as its core business, CNOOC gradually established and improved its industry chain and value chain of mid and downstream. It has developed relevant industries and competitive products according to its resource conditions, and optimized resource utilization.
Upon start-up, the Huizhou Refinery Project, CNOOC-Shell Petrochemicals, fertilizers and chemicals in Dongfang, LNG projects in coastal areas and CNOOC 36-1 products led the energy industry for the high starting point and product differentiation strategy. Also these mid and downstream projects can interact with and complement upstream projects to enhance risk resistance ability and achieve beneficial cycles. In 2006, the world-class CNOOC-Shell Petrochemicals Co., Ltd. was successfully put into production, marking the fact that CNOOC had evolved from an upstream company into an integrated energy company. In 2007, the sales revenue of the downstream sector exceeded that of the upstream sector, and both sectors developed side by side. In 2009, the Huizhou Refinery Project, the largest single train refinery in China, was successfully put into production. It defined CNOOC as a leading company in downstream refining projects and marked the fulfillment of the strategic plan of building CNOOC into an integrated energy company.
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