CNOOC to build bitumen plant

CNOOC Oil & Gas Development Company, a wholly owned unit of CNOOC (China National Offshore Oil Corporation) Group, has signed a contract with the local government of Taizhou City, Jiangsu province, China, for the construction of a big bitumen project there. The project will require a total investment of RMB5 billion (US$660 million). It will kick off this year and its first phase will be completed by 2009. CNOOC Oil & Gas Development Company has set up five bitumen and fuel oil production companies in Binzhou (Shandong Province), Ningbo (Zhejiang Province), Zhanjiang (Guangdong Province), Luzhou (Sichuan Province) and Taizhou (Jiangsu Province) respectively. (July 9, 2007)