PetroChina may buy US oil refining plant
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China's business press carried the following stories on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.
PetroChina may buy US oil refining plant -- Shanghai Securities News
China's oil giant PetroChina Group is in negotiations with the US's largest oil refining plant, Valero Energy Corporation, regarding the purchase of Valero's refinery in Aruba, Shanghai Securities News reported Friday.
A spokesman from the Aruba government announced that the two sides are in talks but did not provide further details. Valero confirmed that it is in negotiations about the sale of its Aruba refinery, yet they didn't name a potential buyer.
A source from PetroChina Group told the newspaper that its company has always been keeping a close eye on appropriate overseas refinery assets and will time the acquisition of such assets as effectively as possible.
Valero Energy Corporation's refinery in Aruba is able to produce 235,000 barrels of crude oil per day. The refinery was shut down last July and has been for sale since then.
Nanjing Tanker net profit in 2009 down 90% -- Beijing Business Today
Nanjing Tanker Corporation (NJTC), a subsidiary of China Changjiang National Shipping (Group) Corporation, Thursday posted a profit drop of over 90 percent.
In the earnings release, the NJTC attributed the profit plunge to the decline of oil transportation demand in the international market and the newly-added capacity in 2009.
NJTC's net profit stood at 596 million yuan in 2008.
NJTC is mainly engaged in international transportation of crude oil, oil products and special liquid cargo including chemicals, liquefied gas, bitumen etc. By the end of 2008, NJTC owned 58 units of operating vessels and carried an annual volume of traffic of 30 million tons.
China Railway Materials buys 12.5% stake from African Minerals -- Oriental Morning Post
China Railway Materials Commercial Corporation (CRM) plans to acquire 12.5 percent stake of African Materials Ltd for 152.6 million pounds, the African iron ore explorer announced recently.
African Material executive chairman Frank Timis said the deal will be conducted to fund for the company's iron ore project in Sierra Leone. Meanwhile the African company will not rule out seeking investment from other companies.
CRM is one of the largest steel trading companies in China.
Under the 20-year agreement, CRM will purchase a 12.5 percent stake at the price of 5 pound per share from African Materials. In return, the latter will supply 18 to 20 million tones of iron ore to the former.
The two sides are expected to sign the final contract on March 31, 2010.
China approves three pilot consumer finance companies -- Shanghai Securities News
China Banking Regulatory Commission (CBRC) recently approved the establishment of the country's first three consumer finance companies, Shanghai Securities News reported on Friday.
The Bank of China (BOC), Bank of Beijing, and Bank of Chengdu, will be individually preparing the set up of the three consumer finance companies.
BOC will co-launch a consumer finance company with Bailian Group and Shanghai Lujiazui Development (Group) Co. Ltd. The three sides will hold 51, 30 and 19 percent of stake respectively. This new firm will be the first of its kind in Shanghai and will focus its business in Shanghai during the pilot period.
Bank of Beijing's solely invested consumer finance company will be registered with a capital of 300 million yuan and will provide loans for purchasing personal durables and general personal consumption loans.
Bank of Chengdu plans to cooperate with Bursa Malaysia Securities to establish a consumer finance company in Sichuan.
In July 2009, China published the draft rules on the establishment of consumer finance companies.
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