China National Petroleum Invests USD5 bn in Niger
China's largest oil producer, China National Petroleum Corporation, is investing USD5 bn in Niger to build an oil refinery and pipeline. The Chinese company has signed an agreement with Niger's government to develop "the Agadem oil block", the Ministry of Commerce said on its website. Agadem is said to have "considerable" reserves. The planned pipeline is slated to be 2,000 km long.
ICBC Wins Approval for Investment Banking in Hong Kong
ICBC is being permitted to set up a wholly-owned investment banking
unit in Hong Kong, The Wall Street Journal reports. ICBC's request was
approved on 27 May, the Hong Kong Securities and Future Commission said
on its website. The unit will "conduct securities trading and corporate
finance advisory services." Currently, ICBC is a majority holder of a
joint venture investment banking project with Bank of East Asia in Hong
Kong.
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