CNOOC Begins Construction of Biodiesel Project in Hainan
eNews, Friday, September 26, 2008
Beijing -- Sep 26, 2008 -- (Xinhua via COMTEX News Network) -- CNOOC (CEO.NYSE; 0883.HK) has started the construction of a nettle spurge biodiesel project in south China's Hainan, reported National Business Daily.
CNOOC officials told the newspaper that the project was more of experimental significance than commercial ones, and the company has no timetable on when to industrialize the project.
The cost of producing biodiesel from nettle spurge is estimated to be 5,000 yuan/ton, compared to over 7,040 yuan/ton of sales prices in the market.
CNOOC has decided to invest 2.4 billion yuan in planting 500,000 mu or 330 million square meters of nettle spurge with an annual production of 100,000 tons.
Chinese government in June approved PetroChina to build a 60,000 t/y biodiesel project in Nanchong of Sichuan province, Sinopec a 50, 000 t/y biodiesel project in Guizhou, and CNOOC in Hainan, which will all feed on nettle spurge.
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