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BEIJING, Dec. 10 (Xinhuanet) -- Provincial level officials and ministers will be held more fiscally responsible under an expanded auditing system, the country's top auditor said on Thursday."The regulation will be significant in supervising officials' power use and corruption prevention," Liu Jiayi, head of the National Audit Office, was quoted as saying in an interview posted on the office's website.Under the regulation, released by the general offices of the Communist Party of China (CPC) Central Committee and the State Council, leaders of public institutions and State-owned enterprises will also be audited.China introduced the first such regulation in 1999, but it only included measures to audit financial records of county-level and below Party and government officials.The audit target was extended to provincial governors and ministers in 2000 on a trial basis and to heads of provincial government departments in 2005.Chinese auditors have uncovered more than 68.4 billion yuan (.2 billion) in illegal use of funds during nationwide audits of some 410,000 Party and government officials and bosses of State-owned enterprises since 1998, according to Liu.During the audit of provincial governors and ministers, their implementation of economic policies, handling of income and expenses, key fund management and project construction will be examined."They have power and control many resources, and how they fulfill their economic accountability will impact local economic and social development," he said.More importantly, the audit can be carried out frequently, so illegal activities can be cleared up before they spread, he said.Liu also said the audit will be made during an official's tenure to solve any problems that exist.Results of the audit will be recorded in an official's file and it will be an important factor in performance assessments, promotions or removal, and rewards or punishments.The audit group will consist of officials from local discipline inspection commissions and sectors including audit, supervision, organization, human resources and State asset supervision and management."It's a big step in cracking down on corruption. And the regulation will deter officials who want to abuse their power," said Liu Xutao, a professor at the Beijing-based Chinese Academy of Governance.

BEIJING, Nov. 28 (Xinhua) -- China National Offshore Oil Company Limited (CNOOC) said Sunday Bridas Corporation, a joint-venture equally-owned by CNOOC International Limited and Argentina-based Bridas Energy Holdings (BEH), will acquire a 60 percent equity interest in Pan American Energy (PAE) from BP for approximately 7.06 billion U.S. dollars.The acquisition excludes PAE's assets in Bolivia, according to a statement on the website of CNOOC, China's largest offshore oil and gas producer.CNOOC International, a wholly owned subsidiary of the company, and BEH have agreed to contribute about 4.94 billion U.S. dollars to Bridas to finance 70 percent of the proposed acquisition. The contribution will be made in equal amounts of approximately 2.47 billion U.S. dollars by CNOOC International and BEH.The remaining 30 percent, or approximately 2.12 billion U.S. dollars, will be satisfied by third party loans to be arranged by Bridas and additional contributions from CNOOC International and BEH.Completion of the acquisition is conditional on, among others factors, all necessary government and regulatory approvals, and is expected to take place in the first half of 2011.In the first half of 2010, CNOOC International and BEH completed the formation of a half-half joint venture in Bridas.

LANZHOU, Dec. 6 (Xinhua) -- Nitric acid that spilled from a crashed truck in a northwest Chinese city Monday has caused no contamination of the Yellow River -- China's second longest river, local officials said.Workers had cleaned up tons of acid that entered a roadside drain in a four-hour operation after the accident in Lanzhou, Gansu Province, said a spokesman of a work crew tasked to clean up the chemical.Tests show the spill did not pollute the environment near the Yellow River, he said.Officials with the city environmental protection bureau said they would keep monitoring the water quality of the Yellow River.A truck carrying 14 tonnes of nitric acid overturned and caught fire on Liuzhong Highway near Lanzhou at noon on Monday. One driver was killed while the other was seriously injured.

BEIJING, Dec. 11 (Xinhua) -- China's urban fixed asset investment rose 24.9 percent in the first 11 months year on year to hit 21.07 trillion yuan (3.19 trillion U.S. dollars), China's statistics authority said Saturday.The growth rate was 0.5 percentage points higher than that during the first ten months, according to figures released by the National Bureau of Statistics (NBS).The urban investment in the primary, secondary and tertiary industries rose by 16.6 percent, 22.7 percent and 26.9 percent respectively.During the first 11 months, investment in central government projects rose 10.2 percent year on year to 1.68 trillion yuan, while investment in local government projects was up 26.4 percent to reach 19.39 trillion yuan, according to the NBS figures.Property development investment was up 36.5 percent year on year to reach 4.27 trillion yuan, the figures showed.During the same period, state-owned and state-controlled investment reached 8.75 trillion yuan, up 19 percent from a year earlier.Investment in railway constructions and transportation jumped 25.3 percent to 582.2 billion yuan, while investment in petroleum and gas exploration climbed 5.8 percent to 219.4 billion yuan for the first 11 months.

BEIJING, Nov. 28 (Xinhua) -- China National Offshore Oil Company Limited (CNOOC) said Sunday Bridas Corporation, a joint-venture equally-owned by CNOOC International Limited and Argentina-based Bridas Energy Holdings (BEH), will acquire a 60 percent equity interest in Pan American Energy (PAE) from BP for approximately 7.06 billion U.S. dollars.The acquisition excludes PAE's assets in Bolivia, according to a statement on the website of CNOOC, China's largest offshore oil and gas producer.CNOOC International, a wholly owned subsidiary of the company, and BEH have agreed to contribute about 4.94 billion U.S. dollars to Bridas to finance 70 percent of the proposed acquisition. The contribution will be made in equal amounts of approximately 2.47 billion U.S. dollars by CNOOC International and BEH.The remaining 30 percent, or approximately 2.12 billion U.S. dollars, will be satisfied by third party loans to be arranged by Bridas and additional contributions from CNOOC International and BEH.Completion of the acquisition is conditional on, among others factors, all necessary government and regulatory approvals, and is expected to take place in the first half of 2011.In the first half of 2010, CNOOC International and BEH completed the formation of a half-half joint venture in Bridas.