Sinopec to buy Angolan oil assets
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China's business press carried the following stories on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Sinopec to buy Angolan oil assets—sina.com.cn
Asia's largest oil refiner China Petroleum and Chemical Corp (Sinopec) said it will pay US$2.46 billion for a 55-percent stake in Sonangol Sinopec International for its deep-water oil assets in Angola.
The oil assets, called Angola Block 18, consist of east and west zones, with an average water depth of 1,500 meters. The east zone has been in operation since October 2007, with a daily capacity of 240,000 barrels, while the west zone is in the development phase.
With the completion of the deal, the company's proven reserves of crude oil will expand 3.6 percent, or 102 million barrels; its daily crude-oil output will increase 8.8 percent, or 72,520 barrels.
BYD mulls takeover of Daimler's Maybach—Guangzhou Daily
BYD is considering buying Daimler AG's Maybach after rumors that the German automaker was shutting down the ailing luxury brand. The move comes after the announcement at the beginning of the month that the two companies will link up to create electric cars for the Chinese market.
BYD is now studying the feasibility and risks of the possible takeover. If Daimler officially announces to close the brand, BYD will have the upper hand in bidding because of their ongoing cooperation in the electric car project. The company thinks buying Maybach will help improve its global image.
Pacific Century completes buying of AIG unit—China Business News
American International Group completed the US$500 million sale of its PineBridge Investments fund to Hong Kong billionaire Richard Li's Pacific Century Group after almost three months of delays.
The sale, originally scheduled for December, was delayed because of AIG's other selling-off plans, as well as intervention by U.S. regulators.
PineBridge operates in more than 30 countries and manages US$87.3 billion in assets. AIG said Pacific Century will keep current management and employees.
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