China Petroleum & Chemical Corporation (NYSE: SNP, SHA: 600028, HKG: 0386) said Friday its subsidiary Sinopec International Exploration and Production Corp will acquire Occidental Petroleum Corp's Argentine branch for $2.45 billion. The deal will add 51,000 barrels of oil equivalent to Sinopec's daily capacity. It is Sinopec's first investment in Argentina. Separately, Sinopec said it would supply 21 million m3 of natural gas per day in China during the winter-spring period making its capacity strained.
LDK Solar Co (NYSE: LDK), a leading manufacturer of polycrystalline solar wafers and photovoltaic products, said Thursday it has signed a deal to supply Shanxi Luan Solar Technology Co 120MW of silicon wafers between 2011 and 2012 and 2,000 tons of polysilicon between 2011 and 2013.
JinkoSolar Holding Co (NYSE: JKS), a Chinese vertically integrated solar product manufacturer, said Friday it has increased its in-house annual solar cell and solar module production capacity to 600 MW each, ahead of schedule in order to meet the demand for its products. To date, the company has secured solar module supply contracts, including down payments, totaling 546MW for 2011, mainly from leading global solar companies.
A-Power Energy Generation Systems Ltd (NASDAQ: APWR), a leading Chinese distributed power generation systems and wind turbine maker, announced Friday the signing of a ¥218 million engineering, procurement and construction contract with Hainan Century Light Investment Co for a straw-based biomass power plant in Baisha.
Chemspec International Ltd (NYSE: CPC), a leading Chinese contract manufacturer of highly-engineered specialty chemicals, announced Friday the independent committee of its board of directors – formed to consider a proposal by the company's chairman and CEO, Dr Yang Jianhua Yang, to acquire certain outstanding shares of the company in a "going private" transaction – and has retained Houlihan Lokey as its financial advisor to assist the independent committee in its work. In addition, the independent committee has retained Shearman & Sterling LLP to serve as its United States legal counsel. The independent committee formed by the board of directors is continuing its evaluation of the proposed transaction. No assurance can be given that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.