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CNOOC, Shell Enters 3 Exploration Deals
Royal Dutch Shell PLC (NYSE: RDS.B) signaled its return to offshore exploration in China when it signed three deals with CNOOC Ltd (NYSE: CEO, HKG: 0883) to explore for oil and gas off both China and West Africa, the Wall Street Journal reported. Shell signed two production-sharing contracts with CNOOC to explore a pair of offshore oil blocks in the Yinggehai Basin. The offshore deals come on the heels of a megadeal on Monday when CNOOC acquired Canadian oil and gas producer Nexen Inc (NYSE: NXY) for $15.1 billion.
PetroChina Buys 40% Stake in Qatari Oil Block
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) agreed to purchase a 40% stake in an oilfield in northern Qatar from GDF Suez SA, Qatar Petroleum said. GDF Suez SA, which now owns 60% of the project, will continue to operate in this 2,500km2 offshore field.
Nanshan Aluminum to Offer ¥6b Bonds to Fund Assembly Line
Shandong Nanshan Aluminum Co (SHA: 600219) said it has been given regulatory approval to issue ¥6 billion worth of six-year convertible bonds with a 4% yield. The money raised will be used to build a line capable of producing 200,000 tons of high-performance special aluminum alloys per year.
$1 = ¥6.33
@2011 China Economy @ The China Perspective.
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