PetroChina Expands Iraqi Oilfield
PetroChina Co (NYSE: PTR, HKG: 0857, SHA: 601857), Asia's biggest oil producer, said it has begun construction on phase II of an Iraqi oilfield where it is the leading developer. When operational in mid 2014, the expansion project is expected to helpe the Halfaya oilfield double daily output to 200,000 barrels. The initial phase of the oilfield, which began production in June 2012, currently produces 100,000 barrels a day. PetroChina owns 37.5% of the Halfaya oilfield as its largest stakeholder.
Sinopec Takes 25% Stake in Russian Rubber Maker
Sinopec Corp (NYSE: SNP, HKG: 0386, SHA: 600028), Asia's biggest refiner, said its Hong Kong-based subsidiary Sinopec Chemical Commercial Holding Co signed a deal to purchase a 25% stake in a synthetic rubber plant in the Russian city of Krasnoyarsk. It did not disclose financial information. The synthetic rubber plant is currently owned by a Russian holdings company known as Sibur. It is Sinopec's first overseas rubber project. Sinopec plans to increase the plant's annual capacity of 42,500 tons of nitrile rubber to 56,000 tons. Nitrile rubber is widely used in car making, aeronautics, oil exploitation, petrochemicals, textiles, printing and food packaging.
Great Wall Motor 1H Earnings Surges 73%
Great Wall Motor Co (SHA: 601633, HKG: 2333) posted 26.4 billion yuan in revenues and 4.9 billion yuan in net profits for 1H 2013, up by 44.4% and 73.3% respectively from a year earlier. Bolstered by strong sales of its H6 SUV, net margin averaged 16% in Q2 2013 and 15.5% in 1H 2013, up from 14.1% in Q1 2013. The financial figures beat all expectations. Great Wall Motor's vehicle shipments climbed 29% year on year to 368,000 units in 1H 2013, including 186,000 SUVs, 114,000 sedans and 68,000 pickups, which were up 44% and 23% and down 1% year on year respectively.
Minsheng Bank Sets Up E-Commerce Firm
China Minsheng Banking Corp Ltd (HKG: 1988; SHA: 600016) said its major shareholders and Minsheng Royal Asset Management Co will jointly set up an e-commerce company in Shenzhen, with 3 billion yuan in registered capital. The e-commerce company will offer financial services to small businesses, which form the majority of the bank's consumer base. Small and midsized companies always have trouble securing loans in China as big state-owned banks lend to big state-owned companies only.
China Railway Corp Announces First Tender
China Railway Corp has invited a tender for 28,900 freight wagons and 726 passenger carriages, marking the first tender since it was founded in March to assume the role of business operations after the Ministry of Railways broke up. It is estimated the tender was worth 15 billion yuan.
You are currently reading
total words in this article.
To continue reading this article, you must be a subscriber. Log in now..