(EnergyAsia, February 27, Friday) — China National Offshore Oil Corp (CNOOC) is planning to buy oil refiner and aromatics producer Zhejiang Zhoushan Hebang Chemical.

CNOOC is pursuing the takeover of Zhejiang Zhoushan Hebang, which has a production capacity of 250,000 tonnes per year, through its affiliate, CNOOC Ningbo Daxie Petrochemical Ltd, a fuel oil producer.

CNOOC hopes the acquisition would boost its role as a supplier of refined fuels. The state-owned company currently depends on rivals PetroChina and Sinopec Group for its gasoline and diesel supplies.