BIZCHINA / Weekly Roundup
Big deal
(China Daily)
Updated: 2007-01-15 09:24
Energy project
China National Offshore Oil Corp, the nation's third-biggest oil
producer, recently signed a deal to cooperate with Indonesia's PT Sinar
Mas Agro Resources & Technology and Hong Kong Energy (Holdings) Ltd to
develop a $5.5 billion renewable energy project.
The partners have agreed to develop a bio-diesel plant using crude palm
oil as feedstock and to pursue a sugarcane or cassava-based bio-ethanol
project in Indonesia. The Indonesian plantation company said the
investment will be made in eight years and the project will be developed
in three phases.
Indonesia is the world's second-largest palm oil producer. However,
investors didn't disclose how much each member of the partnership will
contribute to the US$5.5 billion project, which is thought to be one of
the largest investments in the bio-fuel industry worldwide.
Overseas investment
PetroChina Co Ltd (PetroChina) says it has bought a 67 percent interest
in PetroKazakhstan (PKZ) from its parent China National Petroleum
Corporation (CNPC).
The transaction was completed through CNPC Exploration and Development, a
joint venture of PetroChina with CNPC. PetroChina paid about $2.735
billion for the stake in PKZ.
CNPC bought a 67 percent stake in PKZ in 2005 for $4.2 billion, the
largest overseas acquisition ever made by a Chinese company.
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