China National Offshore Oil Corp, China's biggest offshore oil producer, said it planned to start work on a new RMB 16.7 billion (US$2.01 billion) South China refinery by the end of next year. Beijing approved plans for the Huizhou facility with its projected 12-million tonne annual refining capacity earlier this year. CNOOC officials made the announcement as the firm reported a hefty first-half net profit of more than RMB 10 billion on turnover of more than RMB 30 billion.
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