China Invests with Stake in Total Oil
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Monday, 07 April 2008 |
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It has been confirmed that the official "China's State
Administration of Foreign Exchange" has purchased a stake in Total Oil.
A spokesperson for Total would not name the fund or specify the size of
the stake but said it was less than 5% and "not negligible". According
to a number of sources, the fund bought 1.6% of the French firm.
State-controlled funds, especially from Asia and the Middle
East, have faced criticism because of fears strategic assets may end up
in foreign hands.
Such investments have become increasingly attractive,
especially for those countries with large amounts of foreign currency.
China's State
Administration of Foreign Exchange, the body that manages most of
China's $1.65bn foreign exchange reserves.
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