China Corporate News: PetroChina Begins Digging Oil in Iraq; 51job Lists Top 10 Jobs

PetroChina Begins Digging Oil in Iraq
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) said its first oil block in Iraq's Halfaya oilfield has started working and is able to produce 100,000 barrels of crude per day. The second phase is expected to lift the project's daily capacity to 200,000 barrels. PetroChina was the first foreign oil maker to sign oil deals with the Iraqi government after the Saddam regime was toppled. The Halfaya oilfield is PetroChina's largest single overseas investment.

Hanting Eyes High-End Hotel Operations
China Lodging Group Ltd (Nasdaq: HTHT), a budget hotel operator commonly known as Hanting Inns, plans to develop or acquire a brand targeting high-end customers, chairman and CEO Ji Qi said. The company hopes to reap 60% to 70% of its profits from economy hotels and 30% to 40% from medium-end hotels in the years to come, said Ji, who explained that he does not expect a high-end brand to pay off immediately.

51job Lists Top 10 Jobs
51job Inc (Nasdaq: JOBS), China's biggest online human resource service provider, published a list of China's top 10 jobs based on a string of criteria including demand, salary, future prospects, professionalism as well as some concerns such as pressure, health and workplace risks. The top 10 jobs are software architect, designer, machinery engineer, sales manager, teacher, sourcing manager, wealth management consultant, online marketing, floor manager and financial manager. 51job drew the conclusion from the job ads posted on its websites between January and May.

Arla Foods Takes 5.9% of Mengniu
China Mengniu Dairy Co (HKG: 2319), a leading Chinese dairy maker, said it has received a $283.57 million lump sum from Arla Foods, Europe's largest and the world's fifth largest dairy maker by revenue. The cash injection has given Arla a 5.9% stake in Mengniu, making it the second largest strategic shareholder after Cofco, China's biggest grain producer and distributor. Mengniu said last week it planned to invest ¥3.5 billion building eight to 12 modern farms by the end of 2015 in a move to boost quality and consumer confidence following a spate of dairy safety scandals in the country.

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