• Most Popular
  • Most Shared

China wealth fund not aiding Sinopec buys-chairman

Mon Dec 24, 2007 10:40pm EST

Stocks

   

BEIJING, Dec 25 (Reuters) - China's fledgling sovereign wealth fund is not planning to provide funding for China Petroleum & Chemical Corp, or Sinopec, to make deals overseas, the fund's chairman said on Tuesday, denying media reports.

The China Business News reported last week that China Investment Corp (CIC) was in talks with Sinopec (SNP.N) (0386.HK) (600028.SS), China's second-largest oil and gas producer, on providing funding to help it explore for oil overseas.

Asked whether the CIC had any such plans, Lou Jiwei told reporters: "That's nonsense." (Reporting by Zhou Xin; Writing by Jason Subler; Editing by Edmund Klamann)



More from Reuters

Photo

Employers see uptick in hiring in 2010

NEW YORK (Reuters) - U.S. employers expect to hire more new workers in 2010 than they did in 2009, a sign the U.S. recession may be easing its grip, research showed on Tuesday.

» More Top News
An employee swipes a customer's credit card through the card reader at a restaurant in Tokyo February 19, 2005.REUTERS/Issei Kato

Taking a swipe at credit cards

New legislation meant to protect consumers could be a "game changer" for the industry -- and not in a good way.  Full Article 

Economy
A young Kamchatka brown bear plays in its enclosure at the 'Tierpark Hagenbeck' zoo in Hamburg September 20, 2007. REUTERS/Christian Charisius

The return of the Russian bear

Jason Bush

As Russia's memories of crippling economic times fade, are reforms disappearing along with them?  Commentary 

Breakingviews