05 November 2010 04:04 [Source: ICIS news]
SHANGHAI (ICIS)--China National Offshore Oil Corp (CNOOC) plans to invest yuan (CNY) 8bn ($1.2bn) on a new project to produce asphalt and special lubricants at Taizhou city of Jiangsu province, a company source said on Friday.
The project, to be operated by the Taizhou branch of CNOOC, would have capacities of 3m tonnes/year of asphalt and 600,000 tonnes/year of special lubricants, the source said.
Construction is expected to begin in two years.
It would be CNOOC’s first venture into high-end lubricants, the source added.
($1 = CNY6.66)
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