Financial Times: Added energy for trade links
By Jonathan Moules
Published: May 12 2004
Anglo-Chinese business relationships received a fillip yesterday when four British companies signed joint ventures worth $1.5bn with companies in China.
Senior executives from the energy businesses BP and Shell, Kingfisher, the retail group, and its B&Q home improvement subsidiary joined Patricia Hewitt, UK trade secretary, and Bo Xilai, the Chinese commerce minister, at a contract signing ceremony in London.
BP accounted for the lion’s share of the contracts with more than $1bn of business. The largest was a $577m contract with PetroChina to develop hundreds of retail petrol stations in Guangdong province by 2007. A similar arrangement worth $250m in Zhejiang province was signed with Sinopec.