New Rules For Foreign Advertising Companies
Foreign advertising companies are now allowed to offer design,
production, publication and other types of advertising services for
Chinese and foreign clients, state media reports. However, a regulatory
approval is necessary. Joint ventures between Chinese and foreign ad
companies can now be approved as long as all investors are working in
the advertising industry for at least two years. The setting up of a WFOE
requires three years of work experience.
Beijing Starts New Subway Lines
Beijing has announced it will start construction of two new subway
lines this year. "This week planners will begin work on Line 7 and Line
14," state media quotes Zhou Zhengyu, Deputy Chief of the Beijing
Municipal Committee of Communications. If time allows, construction on
line 15 will also begin this year, he added. Currently, Beijing has
eight subway lines with a total line network of 200 kilometres.
CNOOC and Sinopec Set Up Angolan Oil Venture
The China National Offshore Oil Corporation and Sinopec have reportedly
agreed to pay USD1.8 bn to U.S.-based Marathon Oil Corp for a 20 per
cent stake in an Angolan oil field. The deal is not finalised but
Reuters quotes a source as saying that "[the two companies] are
probably preferred bidders." CNOOC is also involved in a bid between
USD300m and USD700m for a natural gas asset in the Caribbean state of
Trinidad and Tobago.
Sinopec Buys Tanganyika Oil
China's refiner Sinopec has won a bid to buy Canada-listed Tanganyika
Oil Co Ltd for USD1.8 bn, or CAD31.50 per share, the Financial Times
reports. The Chinese offer was "substantially higher" than that of
rival bidder Oil and Natural Gas Corp of India. The Tanganyika deal
will mean access to 184 million barrels of proven heavy oil reserves at
a cost of roughly USD10 a barrel, according to energy analysts at Kim Eng Securities in Hong Kong.
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