China and UK sign $4b worth of deals

Chinese and UK companies signed US$4 billion worth of deals following a bilateral meeting between Vice Premier Li Keqiang and British Deputy Prime Minister Nick Clegg, the Wall Street Journal reported. The deals were concentrated in the energy and automotive sectors: BP (BP.NYSE, BP.LSE) and China National Offshore Oil Corp (CNOOC; CEO.NYSE, 0883.HK) signed an agreement on deepwater exploration in the South China Sea; PetroChina (PTR.NYSE, 601857.SH, 0857.HK) agreed with Ineos Group Holdings on the basic principles of an oil refinery venture; and Jaguar Land Rover, a unit of India’s Tata Motors (TTM.NYSE, 500570.BOM), committed to selling 40,000 Jaguar and Land Rover vehicles in China in 2011. China also agreed to loan a breeding pair of pandas to the Edinburgh zoo for 10 years.