The State Economic and Trade Commission closed 4,855 filling stations in 2002, Xinhua reported. Reasons for closure were breaches of local laws including unauthorised use of land, low fuel standards and improper weights and measures. More than 20,000 filling stations were shut down in 2001. The campaign against private operators is helping to reinforce the […]
Category:
Categories
CNOOC hits production target
China National Offshore Oil Corp president Zhou Shouwei said that the company had met last year's production target of between 125m and 130m barrels and would increase production of oil and gas in 2003, South China Morning Post reported. This year, it plans to spend between US$1bn and US$1.5bn to fund acquisitions and to explore […]
Categories
Sinopec to cut more jobs
Sinopec, China's second largest oil company, will eliminate about 10,000 jobs in 2003 to cut costs and boost efficiency, Reuters reported. These cuts, which follow a reduction of 68,000 workers in 2001 and about 20,000 in 2002, would allow the company to achieve its target of reducing staff numbers by 100,000 between 2001 and 2005 […]
Categories
Avis sets up rental joint venture
US-based car rental firm Avis has set up a joint venture in Shanghai, China Daily said. Anji Car Rental and Leasing, 50-50 owned by Avis Europe and Shanghai Automotive Industry Sales Corp, will take over the existing fleet of 1,000 vehicles from Shanghai Anji Car Rental and operate it under the Avis brand name. The […]
Categories
Ownership of Brilliance settled
Liaoning province is to take a controlling stake in Brilliance China Automotive Holdings, Reuters reported. Huachen Automotive Group Holdings, which is wholly owned by the Liaoning provincial government, is to pay US$18.5m to buy a 39.45 per cent stake in Brilliance China from the Chinese Financial Education Development Foundation. The announcement removed the uncertainty that […]