China National Petroleum Corporation, the country's largest oil and gas producer, broke ground on the nation's most advanced steel pipe production line in Fuzhou, capital city of Fujian province on May 10.

According to the company's projections, the facility will be built using investments totaling 958 million yuan, and it will generate more than 2 billion yuan in annual revenue once it is operational.

CNPC is among the growing number of State-owned enterprises that have relocated operations in recent years to take advantage of the opportunities created by the ongoing construction of the Western Taiwan Straits Economic Zone, a multi-city economic region geared toward cooperation across the Straits.