China: BP to Increase Investment
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Wednesday, 10 December 2008 |
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BP may increase its investments in China to benefit from rising domestic energy demand even as the global economy slows.
`I want to see BP expanding its current investments in China by
several times over the medium term,'' Chief Executive Officer Tony
Hayward said in a speech posted on the Web site of the company's China
unit. BP has invested more than $4.6 billion in the world's
fourth-largest economy, he said.
Developing economies led by China and India are likely to account for
all of the oil demand growth this year, Hayward said in a speech at
Qinghua University in Beijing on Nov. 25, according to BP China.
BP has operated in China for more than 30 years and was one of the
earliest foreign invested enterprises in the country. The oil and
petrochemicals producer has more than 30 joint ventures and wholly
owned companies in China and over 4,000 staff, data on BP China's Web
site showed.
PetrolWorld 091208
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