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CNOOC Targets Deepwater Fields to Increase Output
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore energy producer, said it plans to produce the equivalent of 330 million to 340 million barrels of oil this year, largely unchanged from an estimated 331 million to 332 million barrels in 2011. The company said its capital expenditures would be between $9.3 billion and $11 billion this year, with a focus on exploration in deepwater and unconventional fields.
China Unicom, D.Phone Signs Partnership Pact
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) said it has sealed a seal to directly sell handsets powered by its wireless services in D.Phone's stores across the nation. D.Phone is a leading Chinese mobile device retailer.
Dr. Peng Partners with Cisco for Cloud Computing
Chengdu Dr. Peng Telecom & Media Group Co (SHA: 600804), a telecommunications service provider, said it signed a memorandum of understanding with Cisco systems Inc (NASDAQ: CSCO) for cooperation in cloud computing. Dr. Peng said it plans to buy $100 million worth of goods and services from Cisco in the next five years to upgrade its networks across China.
China Auto Rental Files for US Listing
China Auto Rental Co, a leading car rental service provider, lodged its IPO application aimed at raising $300 million with the US Securities and Exchange Commission. It said that it would use the money to repay debts and buy new vehicles and that it has hired JPMorgan Chase & Co (NYSE: JPM) to underwrite the stock sale.
ICBC Unveils Credit Policies for 2012
Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398), the world's biggest bank by market value, said it will step up loans to individuals, small businesses and businesses associated with hi-tech manufacturing, strategic industries, the service sector and the culture industry in 2012.
Shenhua Energy to Build Coalmine in Australia
Shenhua Group Corp, China's biggest coal producer and the parent of China Shenhua Energy Co (SHA: 601088, HKG: 1088), said it plans to build an opencast mine in the Australian state of New South Wales to increase importing local coal to China. Once operational the mine is expected to roll out 10 million tons of coal per year.
PICC Premiums Exceed ¥173b in 2011
PICC Property & Casualty Co (HKG: 2328) said its premium incomes totaled ¥173.4 billion in 2011, up from ¥153.9 billion in the year before.
State Construction Wins ¥23b Contracts
China State Construction Engineering Corp (SHA: 601668) said it has recently signed seven contracts valued at a combined ¥22.84 billion, which is equivalent to 6.2% of its revenue in 2010. Separately, it expected its net profit to climb 40% in 2011.
$1 = ¥6.32
@2011 China Economy @ The China Perspective.
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