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15

CNPC, BP to Buy a Stake in Bioethanol Producer

China National Petroleum Corp and British Petroleum

BP and China National Petroleum are in advanced talks with bioethanol producer Guangxi Xintiande Energy Co on buying a stake in the latter.

He declined to disclose the size of the stake CNPC and BP are interested in acquiring, or the purchase price.

The bioethanol plant, located in Qinzhou in southern China, is capable of producing 100,000 tons of the fuel from cassava, and is targeting an increase in annual output to 500,000 tons.