After the sharp fall to surge more than 6 percent yesterday, the major mainland index began to rally, mainly boosted by heavy weight stocks in the energy and financial sectors.
The benchmark Shanghai Composite Index and Shenzhen Component Index both soared several percent especially Shanghai Composite Index had 884 stocks closing higher.
The amount of the combined Read more…
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It has been demonstrated that for business innovation, setting economy-wide targets for boosting the share of renewables as a share of total energy source is a vital platform. Chinese companies are ranking tops in solar power, rechargeable batteries for mobile phones and electric cars in the global market.
Today’s new frontier is energy efficiency. Chinese business, encouraged by the government’s aim of raising the energy efficiency of the economy overall by 20 percent Read more…
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According to economists, the real causes of the huge spikes in international commodity prices are the weak dollar and speculation rather than the so-called China factor that China’s rapid economic growth has indeed increased demand for commodities in general.
As a recent Economist article points out, the low prices of Chinese products, thanks to its low manufacturing costs, have contributed to stabilizing prices across the globe. “China helped to hold down Read more…
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On July 7th China Oilfield Services Ltd (COSL) decided to offer 85 kroner a share in cash to buy Norwegian company Awilco Offshore ASA (AWO). The offered price is 18.7 percent over the closing price of AWO shares on July 4.
COSL owns and operates the largest and most diverse offshore fleet in China, including 75 support vessels and four oil tankers, five chemical tankers, 8 seismic vessels and 4 geotech survey vessels. Besides, it operates 15 drilling rigs, including 11 jack-ups and 3 semi-submersibles while operating 1 leased jack-up rig. AWO is an international offshore drilling contractor owning and operating 5 jack-up drilling rigs and 2 accommodation units, another 3 jack-up drilling rigs and 3 semi-submersible drilling rigs under construction, and an option of constructing 2 semi-submersible drilling rigs. The combination of COSL and AWO would create the world’s eighth largest rig fleet, consisting of 34 operated rigs (including rigs under construction) with operation and growth opportunities in most major international markets.
CFO of COSL said that the company is seeking assets in Southeast Asia, the Middle East, Africa, North America and Russia. And the company statement said that AWO’s modern high-specification rigs and cutting-edge technology for offshore drilling was a good strategic fit for COSL pursuant to its globalization and growth strategies. The company’s profit were up 98 percent to 2.24 billion yuan in 2007 on rising business revenue, with four of its main businesses, including drilling, marine and transportation, oilfield technology and geophysical survey hit record high.
China, the world’s second largest energy user, has stepped up its search for oil and gas at home and abroad to sustain its fast growth.
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