State Grid buys Brazil electricity assets
STATE Grid Corp. of China completed the purchase of seven electricity distribution businesses in Brazil for US$989 million, the government said.
Beijing-based State Grid would run electricity transmission services in the southeast of Brazil and supply power to Brasilia, Sao Paolo and Rio de Janeiro, according to a statement on the Web site of the Chinese Government s State-Owned Assets Supervision and Administration Commission on Tuesday. State Grid had obtained a 30-year right to transmit power to the southeastern region of Brazil, the statement said. The electricity distribution businesses will generate annual profit of about US$110 million, according to the statement.
CNPC, Saudi Aramco sign MOU
CHINA National Petroleum Corp., parent of Asia s largest oil and gas producer PetroChina, had signed an agreement with Saudi Aramco for further cooperation, China Petroleum Daily said yesterday.
The memorandum of understanding (MOU) was signed during a visit by CNPC s general manager Jiang Jiemin to Saudi Arabia on Dec. 18-21, the newspaper, which is run by CNPC, reported.
Nov. home price gain at slowest in a year
THE country s property prices rose at the slowest pace in a year in November after the government raised the reserve-ratio requirement for banks twice and expanded measures to limit the risk of asset bubbles.
Home prices in 70 cities climbed 7.7 percent from a year earlier and increased 0.3 percent from October, the statistics bureau said on its Web site Tuesday. The year-on-year advance was slower than the 8.6 percent gain in October. Sales volume increased 14.5 percent from a year earlier and transaction value surged 18.6 percent, the report said.
