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Contributed by mm | August 22, 2005 9:20 AM PST
China's solid move in its quest for energy resources.
From CBS News:
China's biggest state-owned oil company said Monday the board of directors of PetroKazakhstan, a Canadian company that is a major oil producer in China's neighbor Kazakhstan, has accepted a $4.2 billion takeover offer.
The takeover by China National Petroleum Corp., which requires approval by PetroKazakhstan shareholders, would add to a series of foreign oil and gas acquisitions that Beijing hopes will secure energy supplies for its booming economy.
The announcement comes about three weeks after another Chinese oil company, CNOOC Ltd. withdrew a multibillion-dollar bid for U.S. oil and gas producer Unocal Corp. after opposition by critics who said it might threaten U.S. national security.
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China Will Allow Its Investors To Head Abroad (April 13, 2006)
More specifics of the regulation change (via press release in Chinese): - Banks are allowed to pool Renminbi deposits from individuals and businesses to invest in fixed income products in foreign markets, up to certain limit. - Fund management firms are allowed to pool deposits ...
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