China Corporate News: PetroChina, Venezuela Build Major Refinery; Ctrip Takes Stake in Trip TM

PetroChina, Venezuela Build Major Refinery
CNPC, China's largest oil explorer and the parent of PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), said construction has begun on its joint refinery with Venezuela's PDVSA in Jieyang, Guangdong province, which will be able to process 20 million tons of heavy crude per year, making it the biggest refinery in China. Once operational, the plant is expected to become a regional refining powerhouse and help develop more downstream oil projects.

Ctrip Takes Stake in Trip TM
Ctrip.com International (Nasdaq: CTRP), China's largest online travel service provider, said it has acquired a stake in Trip TM, a Chinese luxury travel service provider, to shore up its division for high-end tourism. No financial details were revealed.

China Telecom Slashes Roaming Fees
China Telecom Corp (NYSE: CHA, HKG: 0728) lowered its roaming fees in 11 countries on May 1. The fees were reduced by 80% in South Korea, which saw the largest cuts, followed by 75% in Britain, 60% in Australia and Malaysia and 50% in Italy. Canada saw the slightest decrease with 38.5%.

Tri-Tech Seals $1.6m Deals
Tri-Tech Holding Inc (Nasdaq: TRIT), a Chinese provider of wastewater treatment, said it has secured contracts to develop core software systems for flash flood early warning and forecast projects in Beijing. The contracts were worth $1.6 million.

Temasek Cashes In $2.5b from BoC, CCB Shares
Temasek Holdings Pte, the Singaporean government's investment arm, sold $2.49 billion of shares in Bank of China Ltd (SHA: 601988, HKG: 3988) and China Construction Bank Corp (SHA: 601939, HKG: 0939) to adjust the makeup of its financial assets. The selloff came after China's banking sector reported slower growth in Q1 2012 amid weak macroeconomic performance. Temasek bought $2.3 billion worth of Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398) shares from Golden Sachs last month.

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