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FASHION PARK: The former Guangzhou Textile Machinery Factory became the Guangzhou T.I.T Creative Park after major renovations (LU HANXIN) |
Oil Field Purchase
Sinopec Group, the country's top oil refiner, announced that it has signed a deal with U.S. oil giant Marathon Oil Corp. to buy its oil and gas field in Angola for $1.52 billion.
According to the deal, Sinopec Group will purchase Marathon's 10-percent stake on the Angolan Block 31 field through its subsidiary Sonangal Sinopec International Ltd.
The Angolan Block 31 field, operated by British Petroleum (BP), has estimated proven and probable oil reserves of 533 million barrels, Sinopec said.
Together with the 5-percent stake in Block 31 Sinopec purchased from French oil giant Total in 2011, Sinopec's stake in the block will reach 15 percent upon the completion of the Marathon deal.
The deal is subject to approval by the Chinese and Angolan governments.
Currency Swap
Mervyn King, Governor of Bank of England and Zhou Xiaochuan, Governor of the People's Bank of China, signed an agreement to establish a reciprocal three-year sterling/yuan currency swap line on June 22.
The maximum value of the swap is 200 billion yuan/20 billion pounds. The swap line may be used to promote bilateral trade between the two countries and to support domestic financial stability.
The establishment of a sterling/yuan swap line will support Britain's domestic financial stability. In the unlikely event that a generalized shortage of offshore yuan liquidity emerges, the bank will have the capability to facilitate yuan liquidity to eligible institutions in Britain, said King in a statement.
Logistics Park
A major logistics industrial park is planned for Sanhe, north China's Hebei Province, the center of the Bohai Economic Rim, which is expected to become a new economic development zone.
Over 40 experts and scholars from the National Development and Reform Commission (NDRC) and several other ministerial departments attended a workshop on the plans on June 25 in Beijing.
Lin Hua, a senior researcher with the economic institute under the NDRC, delivered a report on the plans for the China Yanjiao Logistics City, which will cover 10 square km and involve 80 billion yuan ($13.11 billion) in investment.
In addition to logistics and trade, the China Yanjiao Logistics City will be turned into a tourism and cultural development area. | 
