Entity

CNOOC Ningbo Daxie Petrochemical Co., Ltd. (中海石油宁波大榭石化有限公司) is a major subsidiary of China National Offshore Oil Corporation (CNOOC) and represents one of China's most significant integrated refining and petrochemical complexes. Located on Daxie Island in Ningbo, Zhejiang Province, the company has evolved into a cornerstone of China's petrochemical industry and serves as CNOOC's second-largest refinery and strategic base in the Yangtze River Delta region.

Company History and Evolution

The company's origins trace back to Dec 31, 2001 when it was initially established as Ningbo Daxie Liwan Petrochemical Co., Ltd. (宁波大榭利万石化有限公司). In July 2004, the company entered into a joint venture with China National Offshore Oil Oil & Gas Development and Utilization Company, and on February 2, 2005, it was officially renamed to CNOOC Ningbo Daxie Petrochemical Co., Ltd..

The company's first major milestone was the construction of a 500,000 tons per year high-grade road asphalt project, which began in June 2002 and achieved trial production by July 8, 2003, completing an investment of $48 million USD. This project created a record for similar-scale engineering construction, achieving design, construction, and production within the same year. The company also built supporting oil product terminals, including 50,000-ton and 3,000-ton berths, completing the terminal construction in just 8 months and setting a new record for Ningbo Port terminal construction.

Current Operations and Capacity

CNOOC Ningbo Daxie Petrochemical currently operates as CNOOC's second-largest refinery, with its primary operations concentrated at the Daxie Island facility in Ningbo. Following a corporate merger in 2009 that integrated CNOOC Zhoushan Petrochemical under unified management, the company now operates under a cross-regional integrated refining and chemical management model. The company's crude oil processing capacity has been expanded from 8 million tons per year to 12 million tons per year (240,000 barrels per day) following the completion of its major refining and chemical integration project in August 2025. The facility features multiple advanced production units including DCC (Deep Catalytic Cracking) units, continuous reforming units, 300,000 tons per year polypropylene plants, 3.4 million tons per year disproportionation units, and 1.6 million tons per year aromatics units.

Major Expansion Project: Refining and Chemical Integration

In August 2008, the company has completed a transformative 21 billion yuan ($2.9 billion) refining and chemical integration project, which represents China's largest petrochemical industry base construction project. This expansion project has increased the company's crude oil processing capacity from 8 million tons per year to 12 million tons per year (240,000 barrels per day).

Location and Infrastructure Advantages

The company benefits from its strategic location in Ningbo Daxie Development Zone, a national-level economic and technological development zone established in 1993. The zone has attracted numerous Fortune 500 companies and industry leaders including CNOOC, Wanhua Chemical, Donghua Energy, Korea Hanwha, Germany Linde, and China Merchants Group.

The facility features multiple large-scale terminals with superior transportation conditions, including some of China's largest oil product terminals, contributing to the company's leading economic benefits in the industry.