Don't have an account yet? Get FREE 7-Day Trial
CNPC Eyes Stake in Ecuador Refinery
CNPC, PetroChina Co's (NYSE: PTR, SHA: 601857, HKG: 0857) parent, is talks with the Ecuadorian government to invest in the country's Pacifico oil refinery, Ecuador's strategy minister Jorge Glas said. The $12.5 billion Pacifico refinery was jointly invested by Petroecuador and Petroleos de Venezuela SA and is expected to produce 300,000 barrels a day once operational by the end of 2015. "We hope to cooperate with CNPC as a new shareholder in the project, but if there is no agreements between us we will seek other investors," Glas said, adding that the project is looking for a partner who can offer money as well as technical support. Separately, PetroChina Co has been given regulatory approval for the issuance of ¥40 billion worth of corporate bonds.
Changyou Rumored to Consider Establishing Console Gaming Division
Changyou.com Ltd (Nasdaq: CYOU), a Chinese online game developer and operator owned by Sohu.com Inc (Nasdaq: SOHU), was reportedly planning to found a console gaming division and recruiting industry veterans. Xuanyuan Sword VI, developed by Taiwan's Softstar Entertainment Inc, is tipped to be its first console game. A Changyou official declined to comment on the issue.
Major Brokerages Post Profit Declines Amid Bearish Market
Citic Securities Co (SHA: 600030, HKG: 6030), China's largest brokerage by assets, said its revenue and profit both fell over 20% in 1H 2012 from the same period a year earlier as a result of lackluster trading in the stock market. Revenue was down 22.9% year on year to ¥5.79 billion and net profit was down 24.4% to ¥2.25 billion between January and June. Haitong Securities Co (SHA: 600837, HKG: 6837), another leading brokerage, posted ¥5.06 billion in revenues and ¥2.03 billion in net profits, down 3.5% and 9.4% respectively from 1H 2011. The figures were unaudited.
Sany Delays HK Offering
Sany Heavy Industry Co (SHA: 600031), China's biggest machinery maker, postponed a $2 billion share sale in Hong Kong after struggling to attract investors, Bloomberg reported, citing two people with knowledge of the matter. The company, which had planned to start marketing shares this month, may instead revive the offering next year, according to the sources.
Fosun Pharma to Build African Drug Plant
Shanghai Fosun Pharmaceutical Group Co (SHA: 600196) said it will set up a subsidiary in the African nation of Ivory Coast to make anti-infectious drugs that will be sold in 17 French speaking countries in the continent. No financial details were disclosed.
State Construction, CAMC Win Big Contracts
China State Construction Engineering Corp (SHA: 601668) said it recently signed ¥41.45 billion worth of deals. The amount is equivalent to 8.6% of its revenue in 2011. Separately, China CAMC Engineering Co (SHE: 002051), an engineering construction contractor, said it has signed a $195 million contract with the Zimbabwean government. The amount is equivalent to 17.2% of revenue in 2011.
$1 = ¥6.37
@2011 China Economy @ The China Perspective.
HOME