SANTIAGO - Chile's industrial conglomerate Copec COP.SN placed bonds worth around $290 million in the local market on Tuesday, exchange sources said, in a move to refinance debt and develop new projects.

Copec placed bonds for 7 million inflation-indexed peso units, or UF, with a yield of 4.30 percent and maturity of 21 years.

Copec, one of the world's top producers of cellulose and the heaviest weighted share on Chile's bourse, was up 0.11 percent to 7,649.90 pesos per share in morning trading.

($1 = 507 Chilean pesos)

(UF = 20,973.38 Chilean pesos)

(Reporting by Carlos Romero; Writing by Aaron Nelsen; Editing by Chizu Nomiyama)