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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.

BEIJING, Dec. 30 (Xinhua) -- China experienced the most frequent and severe weather during 2010, compared to weather in other years of the past decade, a weather official said here Thursday.Chen Zhenlin, a spokesman with the China Meteorological Administration (CMA), said the numbers of extremely high temperature days and extreme precipitation cases that China experienced in the year were rarely seen in history, as was the intensity and area effected by this weather.Extreme weather refers to rare weather phenomena that substantially differ from average conditions and which represent only five percent or less of total weather incidents.According to Chen, China experienced the longest hot spell this year since 1961, as the national average number of days of extremely hot weather climbed to 3.5 days more than the normal level, while the average extreme high temperature reached a historical high not seen since 1961 -- 2 degrees Celsius higher than normal conditions.Meanwhile, average daily precipitation at China's 97 meteorological stations was the highest ever, and the annual number of extreme precipitation cases was the largest since 1961, he said.Further, seven tropical cyclones made landfall in southern China this year.

BEIJING, Dec.23 (Xinhua) -- China is tightening regulation on foreign investment in the real estate sector to crack down on speculation, according to a statement from the Ministry of Commerce(MOC) on Thursday.The ministry urges local authorities to increase checks and supervision on property investment that involved foreign investors and strengthen risk controls on the sector, said the statement posted on the MOC web site.According to the statement, foreign-funded developers are not allowed to make profits through buying and reselling real estate projects, which will be strictly monitored by the MOC along with the Ministry of Land and Resources and the State Administration of Foreign Exchange.The ministry also required local authorities to tighten scrutiny over foreign-funded investment companies and not to allow those companies to enter the real estate businesses, while closely examining the exact amount of foreign funds used in new real estate projects.Foreign direct investment(FDI) into China's property sector jumped 48 percent to 20.1 billion U.S. dollars in the first eleven months of this year, compared to a 17.73 percent growth in the total FDI in the same period, according to earlier MOC data.China introduced a group of measures to crack down on property market speculation and rein in skyrocketing home prices since the beginning of this year, including prohibiting the issuance of mortgage loans for third home purchases and raising down-payments.The government is also guarding against possible "hot money" inflows that might complicate China's policy to fight inflation.Property prices in 70 major Chinese cities rose 0.3 percent in November, month on month, and 7.7 percent year on year, according to the National Bureau of Statistics.

BEIJING, Dec. 3 (Xinhua) -- China's Ministry of Commerce (MOC) Friday welcomed ruling from the World Trade Organization (WTO) that the European Union (EU) anti-dumping duties on Chinese screws and bolts were discriminatory and are in violation of global commerce rules.For a long time, the EU has been requiring Chinese exporters to prove they meet with the "single duty" requirements when they are responding to anti-dumping cases, bringing a heavy burden and unfair treatment to Chinese companies, said an official with the MOC.In particular the WTO ruled the EU's single duty requirements and practices are discriminatory and violated WTO rules.China urged the EU to respect the WTO ruling and rid itself of codes or practices that go against WTO rules and treat Chinese exporters fairly to ensure normal trade between China and the EU, the official said.At the beginning of 2009, the EU decided to impose anti-dumping duties of up to 87 percent for the next five years on fasteners imported from China.The WTO set up an expert panel on Oct. 23, 2009 after China initiated the WTO case on July 31, 2009, saying anti-dumping measures taken by the EU against the import of Chinese steel fasteners violated WTO trade rules.

EDINBURGH, Britain, Jan. 9 (Xinhua) -- Chinese Vice Premier Li Keqiang met with British First Minister of Scotland Alex Salmond in Edinburgh on Sunday to upgrade relations between China and Scotland."Scotland is the first stop in my British visit. Sino-British relations have seen smooth development for a long time, and friendly cooperation between China and Scotland has also been in constant development," said Li.China regards Britain as an important strategic partner, and considers bilateral relationship from an overall, strategic and long-term perspective. China will further promote cooperation between Chinese and British regions including Scotland, which will bring solid benefits to both sides and advance the welfare of the two peoples, he added.Chinese Vice Premier Li Keqiang (L) meets with British First Minister of Scotland Alex Salmond in Edinburgh, Britain, Jan. 9, 2011.Li Keqiang said he appreciate the stance taken by Scotland that takes China's development as an opportunity. He added the new " China Strategy" announced by the Scottish government will help further enhance bilateral cooperation.Scotland, rich in innovative spirit, is leading the world in renewable and green energy. The two sides should boost economic and technical exchanges and cooperation, Li said, adding China is willing to learn from and import technologies, equipment and management expertise from Scotland.Li noted that there is still great potential for the two sides to deepen bilateral cooperation at all levels.In addition to strengthening economic and trade cooperation, he said the two countries should also enhance exchanges in culture, education, tourism and other fields.China supports the joint study of giant panda at the Edingburger zoo, and hopes that panda can become a goodwill ambassador for friendship between the two countries, Li said.Salmond, British first Minister of Scotland, expressed welcome at Li's visit, and hailed the achievement and vigor of China's development. He noted that Scotland has seen increased exchanges and cooperation with China in economy, trade and culture.China's investment in Scotland's infrastructure and renewable energy, and its participation in Scotland's world heritage preservation projects that use advanced technology will be welcome, he said, adding he is looking forward to see giant panda at the Edinburgh zoo.Li also met with Scottish Secretary Michael Moore, and exchanged views on further developing region-to-region exchanges between the two countries, and on promoting cooperation between China and Scotland in economy and trade, finance, energy, food, travel and education.Accompanied by Moore, Li was briefed Sunday afternoon on Scotland's efforts in developing renewable energy, and toured the pelamis wave power factory.On Sunday evening, Li attended the welcoming dinner held by Salmond.Li arrived Edinburgh on Sunday morning for a four-day official visit to Britain. And Britain is the last leg of Li's three-nation Europe tour, which has already taken him to Spain and Germany.

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