CNPC to build petrochemical base in Jiangsu

China National Petroleum Corp., the parent of PetroChina Co. Ltd., plans to invest 20 billion yuan (US$2.93 billion) to build a petrochemical base in Yangzhou, Jiangsu province, sources reported. According to a strategic investment agreement signed with the Jiangsu government, CNPC will start construction in 2010. CNPC is also building a liquid natural gas (LNG) terminal in Rudong, Jiangsu. The terminal, which will be completed in 2011, will have an annual capacity of 3.5 million tons. CNPC also plans to add 300 gasoline stations in the province by 2015. (October 26, 2009)