CNPC holds opening ceremony in Jiangsu

China National Petroleum Corp. (CNPC) held an opening ceremony for its new oil and petrochemical base in Yangzhong city, Jiangsu province, east China. The project will be composed of two centers and one base, including a refined oil reserve and logistic center, a chemical product logistic and transport terminal center and a petrochemical production base. The two centers will break ground in 2010, with a scheduled investment of around 20 billion yuan (US$2.93 billion). The investment is expected to attract about 30 billion yuan (US$4.39 billion) in additional investments for the city.  (October 23, 2009)