Cnooc to secure development rights in Iraq
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China's business press carried the following stories on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Cnooc to secure development rights in Iraq—National Business Daily
A consortium of Chinese oil producers Cnooc Ltd. and Sinochem may win the right to develop Iraq's 2.5 billion-barrel Missan oil-field complex after agreeing to a price offered by the Iraqi government.
An official at Sinochem said although the development fee is set at 2.3 dollar a barrel, there is still room for profitability.
"The question is just about how much we can gain,"he added.
The reported deal will help Chinese oil companies gain a foothold in Iraq, where American and European oil giants dominate.
China Ping An has no plans to raise funds this year—Guangzhou Daily
Ping An Insurance, the world's second-largest life insurer by market value, has no plan to raise money from the capital market this year, the chairman of the insurer, Ma Mingzhe, said on Thursday.
Considering Ping An has a strong solvency in terms of capital adequacy, the company has no impetus to raise money currently, according to analysts.
Ma Mingzhe revealed that the company's plan to acquire Shenzhen Development Bank is awaiting approval from the regulator. He also ruled out the possibility of investing overseas this year.
Ping An shares dropped 2.93 percent to 45.06 yuan (US$6.6) at closing yesterday.
Morgan Stanley sells stake in CICC-- The Beijing News
Morgan Stanley has reached a deal to sell its entire 34.3% stake in China International Capital Corp.(CICC), Li Jiange, chairman of China's largest investment bank, said Thursday.
But Mr. Li declined to disclose the name of the potential buyers and other details.
Rumor spread that Morgan Stanley would sell the stake to US private equity firms Kohlberg Kravis Roberts & Co and TPG Capital for an estimated US$1 billion.
CICC is a joint venture formed by China Construction Bank Corporation and Morgan Stanley in 1995. Morgan Stanley is expected to reap large profits after its exit since it only paid about US$35 million for the stake.
