16-04-08 China National Offshore Oil Corp (CNOOC) bought an 80 % stake in Hangzhou Kangbo Petroleum, a private oil firm in east China's Zhejiang Province. The two companies signed an agreement, it said.
Hangzhou Kangbo owns three gasoline stations and an oil depot in Zhejiang.

The deal marks a major step in CNOOC's efforts to set up a national distribution network for refined oil products, Li Maolin, managing director of CNOOC's refining and petrochemical unit, was quoted as saying.
CNOOC, the parent of Hong Kong-listed CNOOC Ltd, plans to build 1,000 gasoline stations and oil depots in three major fuel consumption areas -- Pearl River Delta, Yangtze River Delta and Bohai Rim -- by 2010, Li said.

China's top offshore oil and gas producer also plans to boost annual refining capacity at the Hebei Zhongjie refinery it acquired in October to 10 mm tons within three years, the official said.
CNOOC's first 12-mm-ton refinery joint venture with Royal Dutch Shell in Huizhou, in southern China's Guangdong Province, is expected to become operational in September, he said.