On October 22, a launching ceremony of the Changjiang Project was held at Yangzhong, Jiangsu Province. CNPC President Jiang Jiemin was present at the ceremony. Jiangsu executive vice governor Zhao Kezhi and CNPC Vice President Zhou Jiping delivered speeches at the ceremony respectively.

Relying on the Yangzhong's superior port condition and Changzhou's developed material market base, Changjiang Project will be built into refined oil storage and logistics center, chemical products logistics distribution center and chemical raw materials production base. The construction includes oil and chemical products storage, logistics center, large fuel ethanol plant, chemical raw materials production base and 1,000km refined products pipelines. Construction of the refined oil storage and logistics center and Chemical logistics center is expected to begin in 2010, with a total invest of about RMB 20 billion.

Once become operational, the project will satisfy growing energy demand in this area, promoting the development of local chemical material industry and drive the coordinate development of local economy and society.