CNPC to Take Stake in Australia's Woodside Petroleum
CNPC, China's biggest energy producer, offered to buy a stake in Woodside Petroleum Ltd's Browse gas project in Western Australia, Bloomberg reported, citing two people with knowledge of the matter. CNPC made a binding bid for 15% of the venture comprising two natural gas areas, which was evaluated by Citigroup to be worth up to $1.5 billion. Separately, CNPC said its subsidiary, PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), plans to boost crude oil output at the Halfaya oilfield in Iraq by as much as 100 times to 535,000 barrels a daily by the end of June.
CNOOC Buys $1.5b Ugandan Assets
CNOOC Ltd (NYSE: CEO, HKG: 0883), China's biggest offshore energy producer, said it has completed acquiring $1.47 billion worth of oil and gas assets in the African nation of Uganda.
Ctrip to Invest ¥700m in Real Estate
Ctrip.com International Ltd (NASDAQ: CTRP), China's biggest online travel service provider, said it plans to invest ¥700 million building a regional headquarters in Chengdu, Sichuan province and acquiring office space in Shanghai. Experts say that by so doing the company wants to lock in the value of the real estate against falling profitability. Ctrip's net earnings for Q4 2011 and the whole of the year were down 16% and up just 3% respectively compared to the same periods a year earlier.
China Unicom's Online Receipts Exceed ¥23b
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) recorded ¥23.1 billion in online sales in 2011, up 86% from the year before, a person familiar with the matter said. The company's online users totaled 110 million last year, up substantially from 57 million in 2010.
Shanda Games' Financials Beat Forecast
Shanda Games Ltd (NASDAQ: GAME) posted ¥1.36 billion in revenues and ¥304.3 million in net profits for Q4 2011, up 17.7% and down 17% year on year respectively. The numbers were better than expected. Its revenues for the whole of 2011 were up 17.3% to ¥5.28 billion and net profits were up 10.6% to ¥1.47 billion.
Alibaba.com 2011 Earnings Rise 17%
Alibaba.com Inc (HKG: 1688), China's top e-commerce portal, posted ¥6.42 billion in revenues and ¥1.71 billion in net profits for 2011, up 15.5% and 16.6% respectively from the year before. Revenues from overseas exceeded ¥3.75 billion. The number of its registered users and online shops rose by 14.5 million and 1.4 million to 76.3 million and 10 million respectively as of the end of last year.
Geely Plans Egypt Plant
Geely Automobile Holdings Ltd (HKG: 0175), China's largest privately-owned carmaker and the owner of Swedish car brand Volvo, plans to start assembling Geely cars in Egypt this year for sale in markets across North Africa in cooperation with a local company, the Wall Street Journal reported, citing a person close to the companies. Formal announcement and details are expected within the week.
$1 = ¥6.3