China Offshore Oil & Gas Development & Utilization Company
China Offshore Oil & Gas Development & Utilization Company, a wholly owned subsidiary of CNOOC, was founded on September 28, 1999 with a registered capital of RMB 320 million. The company's core business is the production and marketing of mid and downstream products including CNOOC 36-1 heavy traffic bitumen and low sulfur fuel oil. At present, the company has 2 wholly-owned subsidiaries; it is the holding company of 5 enterprises engaged in heavy traffic bitumen or fuel oil production and has share participation in 3 enterprises.
CNOOC 36-1 Heavy Traffic Bitumen has become the best brand in China and accounts for 20% of the total domestic heavy traffic bitumen production. The company's low sulfur fuel oil occupies a 10% share in the domestic market. The bitumen products were widely used for surface pavement of highways and airports in China and in the construction of the Three-Gorge Dam and the sports facilities of Beijing Olympic Games. In 2008, the company began to export CNOOC 36-1 bitumen to Chad and Zanzibar in Africa.
In 2009, excellent performance was achieved in heavy oil utilization. CNOOC 36-1 Heavy Traffic Bitumen won the Chang'an Street Reconstruction Project for its excellent quality. In total 1,459 tons of environment-friendly polycyclic aromatic rubber oil, newly developed by CNOOC, was put into the market, filling a gap in China. Scale production was formed for our differential products, among which the sale of Hard Bitumen 50 reached 48,000 tons, increasing 79% over the previous year and we have become the largest manufacturer and supplier of Hard Bitumen 50. Commercialized bitumen types were increased from 6 to 10.
In 2010, Oil & Gas Development and Utilization Company developed independently cut-back asphalt and 20# hard asphalt and its environmental rubber oil has obtained EU REACH qualification.
China Offshore Oil & Gas Development & Utilization Company developed its bitumen and fuel oil business adhering to a differentiation strategy. It plans to become the leading producer and supplier of heavy traffic bitumen, low sulfur fuel oil and naphthenic products in China.
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