News AM March 2

飞雪寒冰

CNPC to Invest in Verenex

» China National Petroleum Cooperation (CNPC) offered US$ 357 milliom to buy a stake in Canadian oil and gas firm Verenex Energy Inc.

» The deal will grant CNPC access to Verenex's oil assets in Libya.

» With the assumption of Verenex's debt, the deal will be worth a total of 402 million.

飞雪寒冰

Suntech Power Reported 4Q Loss

» The World's largest solar energy company Suntech Power Holdings Co. posted a US$ 65.9 million fourth-quarter loss.

» The figure was dragged down by the company's US$ 50.7 million inventory and purchase commitments made before the rapid decrease of the price of silicon.

» Suntech has suspended part of its production expansion plan amid the weak market.

飞雪寒冰

Chinalco in Talks with Banks for Financing

» Chinalco is in talks with commercial banks, including policy banks, to seek financing for its US$ 19.5 billion acquisition of Rio Tinto, said Xiong Weiping, the company's newly appointed general manager.

» Earlier, Chinalco's former general manger Xiao Yaqing said that China Development Bank and the Export-Import Bank of China would lead the financing for Chinalco

飞雪寒冰

Baosteel Buys Stake in Ningbo Steel

» Baosteel has signed an agreement to buy a 56.15 percent controlling stake in Ningbo Iron and Steel Co. for 2 billion yuan.

» Ningbo steel has an annual capacity of 4 million tons.

» The deal will increase Baosteel's combined annual capacity to 10 million tons.

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中国购置优质资产为以后铺路饿