CNOOC to start retail operations in Guangzhou

China National Offshore Oil Corp. (CNOOC) will launch its foray into the downstream oil market by buying retail outlets in Guangzhou City, Guangdong province. CNOOC has built an oil refinery in Guangdong Daya Bay with an annual capacity of 12 million tons. Recently, it established a sales subsidiary for refined oil products. The entry of CNOOC into the retail segment will challenge the current market dominance of China Petroleum & Chemical Corp. (Sinopec) and PetroChina. CNOOC is the dominant producer of crude oil and natural gas offshore China. (July 14, 2006)