Shell, PetroChina venture mulls job cuts

    ROYAL Dutch Shell and PetroChina Co. are looking to cut jobs in an effort to contain costs at their venture in eastern Australia, where the energy companies plan to build a multibillion-dollar operation for extracting and exporting natural gas trapped in underground coal seams.

    A spokesman for Arrow Energy Pty. Ltd., a 50-50 venture between Shell and its Chinese partner, said the company is focused on reducing overall costs and continues to assess options to develop its gas reserves. Those options include looking at possible collaboration opportunities, he said.

    China Grand Automotive readies HK IPO

    CHINA Grand Automotive Services Co., in which U.S.-based private equity firm TPG Capital has a stake, is planning to raise US$500 million to US$800 million in a Hong Kong initial public offering (IPO) in the second quarter at the earliest, sources with a direct knowledge of the deal said yesterday.

    The Shanghai-based company, which owns and operates automotive retail dealerships, is planning to submit an application to list with the Hong Kong stock exchange in the coming weeks, the sources said. A listing application is the first step toward an IPO in Hong Kong.

    Nuclear firm in Africa uranium deal

    CHINA National Nuclear Corp. (CNNC) bought a large stake in one of Africa’s biggest uranium mines in a deal that gives the State-owned generator better access to cleaner burning energy that China is eager to promote.

    A CNNC unit bought 25 percent of the Langer Heinrich operation in Namibia from Paladin Energy Ltd., the Australian uranium producer said yesterday. CNNC is one of China’s largest generators of nuclear energy and has been rapidly expanding its fleet of reactors.

    Benchmark rate climbs sharply

    CHINA’S money rates rose yesterday following a similar rise Friday, with traders primarily blaming the resumption of initial public offerings in January as the immediate factor taking cash out of circulation.

    The weighted-average benchmark seven-day bond repurchase agreement rate leapt up over a full percentage point by midday to 6.4847 percent, up from 5.1688 percent at Friday’s close. The average one-day overnight repo also rose sharply to 4.0680 percent from 2.9850 percent.