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CNOOC plans $44 billion
China National Offshore Oil Corp. (CNOOC) said it will invest more than $44 billion in China’s southern Guangdong Province over the next five years. CNOOC chairman Fu Chengyu said the investment would go mainly toward South China Sea exploration, petrochemical projects in the city of Huizhou and a natural gas pipeline. CNOOC also announced last month that it planned overall investments of $16.5 billion in 2009.
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