CNPC to Explore Afghan Oilfields
CNPC, the parent of PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), was approved by the Afghan government to explore three oilfields in the Amu Darya Basin. CNPC will establish a joint venture with Afghanistan's Watan Group to develop what will be the war-torn nation's first international project in a decade. According to the agreement, CNPC will pay the Afghan government a 15% resource tax, a 20% corporate tax and 70% of the profits from the oil block, which is estimated to hold 87 million barrels of oil.
China Telecom Budgets ¥300m for Novel Website
China Telecom Corp (NYSE: CHA, HKG: 0728) will invest a total of ¥300 million in 189.read.cn, its online literature platform, and expects it will take five years for the site to break even, according to 189.read.cn manager Xiao Wei. China Telecom has already invested ¥130 million in the site, which was launched in September 2010 and started charging in October 2011.
Huangshan Tourism to Raise ¥200m
Huangshan Tourism Development Co (SHA: 600054), a travel agency based in Anhui province, said it will issue ¥200 million worth of five-year non-collateral medium term notes on Friday to fund the construction of cable cars and a hotel in Xihai Canyon in Anhui.
Guangzhou Friendship to Buy ¥400m Banking Product
Guangzhou Friendship Group Co (SHE: 000987) said it plans to invest ¥400 million of "idle money" in short-term wealth management products offered by banks to lock in a flat yield.
Selen Science Plans ¥960m Offering
Shenzhen Selen Science & Technology Co (SHE: 002341), a supplier of electrostatic discharge and clean room system solutions, said it plans to conduct a private placement to raise ¥960 million to fund a factory in Suzhou, Jiangsu province, repay short-term loans and replenish capital.
Jangho Curtain Wall Signs ¥205m Saudi Deal
Beijing Jangho Curtain Wall Co (SHA: 601886) said it signed a ¥205 million contract with United Arab Aluminum Co. The amount is equivalent to 4% of its revenue in 2010.
$1 = ¥6.32