PetroChina Sees 14 Wells Locked Down in Indonesia
PetroChina Co (NYSE: PTR, HKG: 0857, SHA: 601857) said 14 of its oil and gas wells in Sumatra, Indonesia had been locked by the local government without reason. The affected area produces 433 barrels of oil and 11 million cubic feet of natural gas per day, according to PetroChina Indonesia public relations manager Novie Latanna. Ms Latanna said the lockdown was probably due to PetroChina's failure to deliver 5 million cubic feet of natural gas per day to support local electricity generation. "I understand the local government's request but it takes time to reach that amount," she said. Indonesia's central government has criticized the local government and said it will intervene in the issue.
FAW, VW to Expand Foshan Plant
China FAW Group Corp said its listed arm FAW Car Co (SHE: 000800) will work with Volkswagen AG to invest a total of ¥15.3 billion ($2.5 billion) expanding their joint plant in Foshan, Guangdong. The expansion project, which is expected to take 36 months to build, will increase the plant's annual capacity to 600,000 vehicles. Construction on the initial phase began in February 2011 and is expected to be completed this August.
CSR Seals ¥7.8 Billion of Deals
CSR Corp (SHA: 601766, HKG: 1766), China's biggest train maker by market value, said it had signed ¥7.81 billion worth of contracts in recent days. The amount is equivalent to 8.6% of its revenue in 2012. The company expects revenue to exceed ¥100 billion this year as Chinese cities are busy building subway networks.
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