Business China roundUp August 14

CITIC oil in 2010

Hong Kong-listed CITIC Resources Holdings said yesterday that it will start producing its first domestic crude in the second quarter of 2010 in the Bohai Sea off the coast of North China.

The offshore Yuedong oil field would peak at around 36,000 barrels per day (bpd) in 2014, which would account for more than half of their total by then, said Sun Xinguo, president and chief executive officer of the company.

Yuedong was estimated to have probable, possible and proven oil reserves of about 63.5 million barrels, the company said.

Whampoa down 33%

Hutchison Whampoa, Hong Kong billionaire Li Ka-shing’s flagship and also one of the top industrial conglomerates in Asia-Pacific by market capitalization, said yesterday that its first-half net profit fell 33 percent on narrower one-off gains, a steep drop in container throughput and continued losses in its European 3G mobile phone business.

Net profit for January to June was HK$5.76 billion ($738 million), it said, down from a restated HK$8.59 billion a year earlier. The profit beat a consensus forecast for a profit of HK$3.59 billion by six analysts polled by Reuters.

IPhone rumors denied

China Unicom's branch company in Guangdong Province yesterday denied rumors that it is in talks with retail chain Carrefour in the province.

Rumors saying that China Unicom had paid 10 billion yuan ($1.46 billion) for 5 million iPhones from the Apple company, and will have them displayed in Carrefour hypermarkets this September, appeared on websites and in newspapers after a ceremony held Tuesday by China Unicom and Carrefour.

“But we have never made any comments on iPhone,” said China Unicom on its Web page.

Low emission meeting

A Sino-US low emission economic meeting is set to kick off at the International Finance Center of New York on September 23.

BlueNext, Beijing Environment Exchange, the Energy Research Institute of National Development and Reform Commission, and the US-based Environmental Defense will take part in meeting to be held during Climate Week held during the UN Summit.

The theme of the meeting will be Sino-China low carbon economic cooperation: technology, capital and market.

Agencies

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