Chinese CNOOC to Launch $2.7-Billion Upgraded Refinery Complex

State-controlled China National Offshore Oil Company (CNOOC) is set to launch a refinery and petrochemicals complex later this year, following a $2.74-billion upgrade, Reuters reported on Tuesday, quoting industry sources. The upgraded joint venture complex on the Daxie Island in Ningbo will feature a 120,000 barrels-per-day (bpd) crude unit, which could raise CNOOC’s demand to import crude later this year. With the new unit, the crude processing capacity at the facility will jump by 50% to 240,000 bpd. CNOOC’s overall crude processing…