China scrapped a ceiling on investments by overseas sovereign wealth funds and central banks in its capital markets, part of government efforts to encourage long-term foreign ownership and shore up slumping equities.
Cnooc Ltd. , China’s largest offshore oil producer, and Ghana National Petroleum Corp. made a $5- billion bid to buy Kosmos Energy LLC’s assets in the West African country, including its stake in the Jubilee field, according to three people with knowledge of the matter.
Energy and chemical makers based in Xinjiang rose in Shanghai on a report saying China plans to spend 50 billion yuan ($7.3 billion) to expedite coal, power and pipeline projects in the province three times the size of France.
China plans to impose a new tax on coal, oil and gas extraction in western provinces, raising funds to develop its most restive region in a move that will reduce profits for PetroChina Co. and rival resource producers.
Thirty-two workers trapped on an offshore rig that is listing after a typhoon swept through China’s third-biggest oilfield have been rescued. Two crew members were plucked from the sea and a further two are missing.