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China corporate new: petrochina said to approach valero for arubarefinery; visionchina's losses wor by na b





Article Author Biography
China corporate new: petrochina said to approach valero for arubarefinery; visionchina's losses wor by
Article Posted: 08/20/2013
Article Views: 107
Articles Written: 2638
Word Count: 543
Article Votes: 0
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China corporate new: petrochina said to approach valero for arubarefinery; visionchina's losses wor


 
Business,Business News,Business Opportunities
PetroChina Said to Approach Valero for Aruba Refinery PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), the nation'slargest oil and gas explorer, is in talks with Valero Energy Corp(NYSE: VLO), a Texas-based petroleum refining and marketingcompany, to acquire the latter's refinery in Aruba, an island offthe southern Caribbean Sea, people familiar with the matter said.According to its filing to the SEC, Valero has received a $350million offer for the Aruba refinery, which is capable of producing235,000 barrels of oil a day and which has been idled twice overrecent years due to low margin. The filing did not mention the nameof prospective buyers. China Unicom to Reinvent E-Commerce Platform China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) is consideringrevamping its Electronic Channel Center to take after that of ECommerce China Dangdang Inc (NYSE: DANG), a Chinese online B2Cretailer, and Alibaba Group's B2C site Tmall.com. The ElectronicChannel Center's revenue surged 86% to ¥23 billion in 2011,making up 11% of China Unicom's total revenue. The Center wasserving 110 million users as of the end of 2011, up from 57 milliona year earlier.

VisionChina's Losses Worsen VisionChina Media Inc (Nasdaq: VISN), a mass transit digitaladvertising operator, posted $28.3 million in revenues and $21.1million in net losses for Q1 2012, down 13.1% and up 62.3%respectively in Q1 2011. Reduced advertising by internet firms anda wait-and-see strategy adopted by price-sensitive smallercustomers after a hike in VisionChina's charges in Q4 2011 led tothe dire financial position. The company looks to the LondonOlympics to turn around in 2H 2012. Baosteel's Production to Leave Shanghai Baosteel Group, the parent of China's most profitable steelmakerBaoshan Iron & Steel Co (SHA: 600019), plans to shiftproduction out of Shanghai as local regulations get tougher onenvironmental protection, chairman Xu Lejiang said, stressing thatit will be shifting rather than cutting production. Xu alsorevealed that Baosteel's new plant in Zhanjiang, Guangdong provincewith an annual capacity of 10 million tons is expected to becomeoperational by the end of this year.

Suning Steps Up Opening Laox Stores Suning Appliance Co (SHE: 002024), China's largest chain store byrevenue, said it will open its second Chinese Laox Life mall inShanghai on May 25 and half of the 8,000m2 store's goods will beimports. Laox is a leading Japanese electronics retailer and wascontrolled by Suning in June 2011. Suning plans to open 150 Laoxstores in 25 Chinese cities in the next five years as part of itsgoal to operate 3,500 stores generating ¥650 billion inrevenues per year by 2020. China State Construction Signs Abu Dhabi Deal China State Construction Engineering Corp (SHA: 601668) said it hassigned a memorandum of cooperation on the first phase of a realestate project worth $2 billion with Abu Dhabi sovereign wealthfund, Aabar Investments PJS, and Industrial & Commercial Bankof China Ltd (SHA: 601398, HKG: 1398), the Wall Street Journalreported.

The construction company will undertake the constructionof hotels, office buildings and high-end residential buildings inAbu Dhabi, while ICBC will provide financial support to Aabar,which would in turn get its revenue from oil trading for repayment. $1 = ¥6.29.

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