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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.

HANOI, Dec. 11 (Xinhua) -- Chinese and Vietnamese people kicked off a four-day mass gala here Saturday in Vietnamese capital city of Hanoi to celebrate 60 years of bilateral diplomatic ties.Tong Thi Phong, Secretarty of the Communist Party of Vietnam Central Committee, said at the opening ceremony that bilateral friendly relations between Vietnam and China are the treasure of two peoples, and the two countries have seen strengthened cooperation in various fields in recent years.Phong said the four-day big gathering of the Vietnamese and Chinese people will strengthen mutual understanding between the two countries, enrich bilateral comprehensive strategic cooperative partnership and advance bilateral ties.Chen Haosu, president of the Chinese People's Association for Friendship with Foreign Countries, said at the opening ceremony that China and Vietnam are good and close neighbors.Chen said this year marks the 60th anniversary of the establishment of bilateral diplomatic relations and China-Vietnam Friendship Year. Friendly-exchange activities held throughout this year have brought two peoples closer, said Chen.Chen expected the four-day gathering between Chinese and Vietnamese people could be conducted in the sprit of "carrying out traditional, strengthening friendship, promoting cooperation and advancing development".Chen said he is confident that the gathering would contribute to the strengthening of mutual trust and cooperation.Vu Xuan Hong, president of Vietnam Friendship Association attended the opening ceremony and spoke highly of the development of Vietnam-China friendly relations in recent years.The four-day gathering includes a number of activities like seminars on education policies and social policies, and an evening gala themed in "China-Vietnam Friendship Night".

BEIJING, Dec. 27 (Xinhua) -- Chinese stocks weakened Monday after the nation's central bank hiked rates on Saturday and amid speculation further monetary policy tightening to combat inflation is in the offing.The benchmark Shanghai Composite Index fell 1.9 percent, or 53.76 points, to finish at 2,781.4, following the central bank's decision to raise the benchmark one-year lending and deposit interests rate by 0.25 percentage points, its second rate hike in just over two months.The Shenzhen Component Index fell 2.02 percent, or 253.66 points, to end at 12,303.19 points.Combined turnover increased to 224.44 billion yuan (33.85 billion U.S. dollars) from 185.28 billion yuan the previous trading day.An investor watches a screen at a stock trading hall in Shanghai, Dec. 27, 2010. China's stock market dropped Monday. The benchmark Shanghai Composite Index lost 1.90 percent, closed at 2,781.40. The Shenzhen Component Index dropped 2.02 percent, closed at 12,303.19.Losers outnumbered gainers 834 to 76 in Shanghai and 1,125 to 89 in Shenzhen.China's consumer price index (CPI), a main gauge of inflation, rose to a 28-month high of 5.1 percent year on year in November.Besides hiking rates, China's central bank has increased banks' reserve requirement ratio six times this year, taking it to 19 percent for some banks.Shares of property developers dropped. China Vanke, the nation's largest real estate developer, lost 2.89 percent to 8.75 yuan. China Everbright Bank fell 3.7 percent to 3.91 yuan. PetroChina, China's biggest oil producer, declined 2.28 percent to 11.16 yuan.Coal producer shares gained 1.74 percent amid gains in international crude oil prices.China Shenhua Energy Co., China's biggest coal producer, climbed 0.02 percent to 25.05 yuan.

BEIJING, Dec. 13 (Xinhua) -- China's top legislature said Monday in a statement that it will continue discussing a draft amendment to the Criminal Law, which proposes tougher punishments for those involved in organized crime and drink-driving.Members of the National People's Congress (NPC) Standing Committee will discuss the draft amendment at an upcoming bi-monthly session scheduled for Dec. 20-25, according to a statement issued after a meeting of the chairman and vice-chairpersons of the NPC Standing Committee, presided over by chairman Wu Bangguo.The legislature conducted the first reading of the draft amendment in August.Wu Bangguo (C), chairman of the Standing Committee of China's National People's Congress (NPC), presides over the 54th chairpersons' meeting of the 11th NPC Standing Committee at the Great Hall of the People in Beijing, capital of China, Dec. 13, 2010. NPC Standing Committee members will also continue to discuss a draft revision of the Law on Water and Soil Conservation, and to review a law on safeguarding China's intangible cultural heritage.According to the statement, they will consider a bill on a draft resolution to convene the fourth annual session of the 11th NPC.The NPC annual session will examine three reports from the State Council on boosting economic and social development in ethnic minority areas, deepening reform of health care system and stepping up the development of the service sector.

ISLAMABAD, Jan. 1 (Xinhua) -- Pakistan and China on Saturday officially launched the Pakistan-China Friendship Year of 2011 in Islamabad, which will feature a year-long celebration to mark the 60th anniversary of the establishment of diplomatic relations between the two countries.Addressing a ceremony in the Pakistan-China Friendship Center, Pakistani Foreign Minister Shah Mahmood Qureshi said a series of events and activities will begin countrywide with the start of 2011, which was declared as the Year of Friendship by Chinese Premier Wen Jiabao and his Pakistani counterpart Yousuf Raza Gilani during Wen's visit to Pakistan in December.Qureshi termed the ceremony held in the friendship center as significant, saying the cultural complex itself, recently inaugurated by Wen and Gilani, is a symbol of the friendship between the two neighbors.Chinese Ambassador to Pakistan Liu Jian said the Chinese premier paid a successful and historic visit to Pakistan and the year of 2010 witnessed a continued, stable and vigorous growth of the strategic partnership of bilateral cooperation.Liu said China and Pakistan will hold a series of wonderful commemorative activities covering such fields as politics, economy, culture, education, sports, military and others in the new year.He believed that all the activities will further promote mutual understanding and brotherly friendship between the two peoples and bring the all-weather relations to a new high.At the ceremony, Pakistani Foreign Secretary Salman Bashir conveyed the congratulatory messages from Pakistani President Asif Ali Zardari and Prime Minister Yusuf Raza Gilani on the commencement of the Pakistan-China Friendship Year.

来源：资阳报