CNOOC Oil and Gas Co, a wholly-owned unit of China National Offshore Oil Corp, plans to invest 5 bln yuan in a bitumen/lubricant plant in Taizhou, in eastern China's Jiangsu province, the official Xinhua news agency reported.

Phase I of the project is expected to be completed in 2009, the agency said.

No further details were provided.

CNOOC Oil and Gas processes heavy crude oil and produces bitumen and low-sulphur fuel oil.

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