CHINA National Offshore Oil Corp, the country's third largest oil firm, has bought 80 percent of the shares in a private oil firm in Zhejiang Province.
The deal was reached between CNOOC and Hangzhou Kangbo Petroleum Co Ltd on Tuesday and is a major step in CNOOC's building a national distribution network for refined oil products, said Li Maolin, head of CNOOC Refining and Petrochemical Corp.