CNPC to invest in fuel ethanol project in southeast China

CNPC, parent company of PetroChina, will invest one billion yuan (US$134.7 million) in a fuel ethanol project in Yancheng city, in southeastern Jiangsu province, China. The first phase of the project will be designed to produce 200,000 tons of fuel ethanol per year, according to the contract signed between the oil giant and Yancheng city. Another two fuel ethanol projects in Guangxi, south China, each with 200,000 tons of annual capacity are under study by the oil giant. CNPC is investing a total of 10 billion yuan (US$1.347 billion) in new energies before 2010, Vice President Hu Wenrui said. (October 24, 2007)