Sinopec Group, the parent of Asia's largest refiner Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), is on the prowl for more foreign oil and gas acquisitions, Reuters reported, citing chairman Fu Chengyu at a conference in Hong Kong Friday. Fu said he could not give a specific time frame for future acquisitions that would expand Sinopec's global presence but would consider opportunities as they arise. Earlier this week, the energy giant signed a $2.1 billion deal to buy Canadian oil and gas explorer, Daylight Energy Ltd.
Huaneng Power International Inc (NYSE: HNP, SHA: 600011, HKG: 0902), China's largest power producer, said its electricity generation rose 24% year on year to 236.43 billion kW hours in the first nine months of this year.
China Coal Energy Co (SHA: 601898, HKG: 1898), a leading coal producer and distributor, produced 8.14 million tons of coal and sold 10.78 million tons in September, up 5.9% and 15.3% year on year respectively. During the first nine months, it produced 77.48 million tons of coal and sold 99.71 million tons, up 8% and 13.4% respectively from the same period a year ago.
Jiangxi Copper Corp, China's top copper producer and the parent of Jiangxi Copper Co (SHA: 600362, HKG: 0358), said its revenue surged 59% year on year to ¥101.8 billion in the first three quarters of this year. The amount even exceeded the annual target for 2012. It also said its copper deposits add up to over 15 million tons, accounting for a quarter of the nation's total and it is capable of producing over 200,000 tons of copper concentrate a year, accounting for one-fifth of the nation's total.
Chongqing Changan Automobile Co (SHE: 000625) sold 143,000 vehicles in September and 1.26 million in the first nine months, down 4% and 6% respectively from a year earlier as China's overall auto market continued to slow.
Zhejiang Southeast Space Frame Co (SHE: 002135), a steel frame and structure maker, said it had won a ¥147 million contract to supply steel structures for the construction of a new train station in eastern Hangzhou, the capital of Zhejiang province. It previously signed a ¥300 million deal to provide materials to the project in December 2010.
Jizhong Energy Resources Co (SHE: 000937), a coal maker, said it plans to inject a total of ¥613 million into two subsidiaries to boost profitability of their coal mining and distribution businesses.
$1 = ¥6.36