Tuesday April 26, 04:06 AM - JAKARTA (AFX) - China's CITIC Group is toinvest 500 mln usd in an integrated palm oil project in a partnership withdiversified conglomerate Sinar Mas Group.The two parties have also signed a cooperation agreement with ChinaDevelopment Bank, a statement issued by Sinar Mas Group said.Under the cooperation, CITIC will be responsible as a contractor to buildroads, bridges, irrigation, a crude palm oil (CPO) processing plant,warehousing and transportation facilities, housing and other necessaryfacilities. It will also procure processing machinery. The constructionwill take four years.Sinar Mas will be responsible for acquiring land and for operating theplantations.The statement did not give further details regarding the location of theproject or when it will start.Sinar Mas spokesperson Yan Partawijaya told XFN-Asia that the details ofthe project are not yet available.(1 usd = 9,645 rupiah)