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CNOOC In $2.2 Billion Deal For Renewable Base
enorth.com.cn   2009-01-04 17:10


CNOOC Building. Photo by Sonya: Flickr

(energytribune)China's top offshore oil producer CNOOC has signed an agreement with authorities of northern China's Tianjin city to spend 15 billion yuan ($2.2 billion) for building renewable energy projects.

The company will set up a renewable energy industry base in the city's Binhai economic zone including a research and development center.

CNOOC initiated its first alternative energy project by building an offshore wind power station in Bohai Bay where Tianjin is located in November 2007 in line with the country's policy of significantly boosting wind power generating capacity in the next 10 years.

By 2020, China is looking to achieve wind power installed capacity of 100 million kilowatt hours by 2020.

CNOOC said it will team up with SinoHydro Corporation and Holland's Econcern to spend EUR863 million establishing four 720,000 kilowatt wind power electricity plant in China, with construction expected to start in 2009.

Tianjin is also CNOOC's base for spearheading offshore oil and gas exploration and development in the Bohai Bay, where it is boosting activities to raise hydrocarbon production to 50 million tons of oil and gas equivalent (1 million barrels per day) by 2010.


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Editor: Zhang Jialu

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