CNPC to invest in technology facility

China National Petroleum Corp. (CNPC), one of China’s three energy moguls, raised the curtain on the construction of its technology innovation base in the Changping District in Beijing, with a total investment of eight billion yuan (US$1.168 billion). Ultimately, it will be built as an oil engineering technology R&D and equipment manufacturing base integrating innovation, research, experiment, development and machinery manufacturing. The center will occupy 95.87 hectares. (December 2, 2008)