Wednesday, October 18, 2006

Bold Moves for China in Grasping Oil Resources

China Natural Petroleum Corporation

China Natural Petroleum Corporation, China's state-owned biggest oil producer, has reached a deal for a joint venture with Rosneft, Russia's state-owned oil giant. The new oil company is called Oriental Energy (translated from Chinese), in which the Chinese will own 49% of its stocks, and the Russian will own 51%, China Youth Daily reported. The new company will mostly operate in Russia, exploring and recovering petroleum there, the newspaper reported.

Earlier, China Petro purchased Rosneft’s stock worth of $500 million.

Meanwhile, an official in charge of China’s energy policy said in Beijing on Wednesday that Chinese companies’ oil exploitations in African countries were “mutually beneficial,” China News Service reported.

Zhang Yuqing, the official, also said that China is “willing to exploit [energy resources] in the United States.”

City to Select Filial Piety Paradigms

Haikou city in southern China’s Hainandao province released on Tuesday the candidates for its first competition of “Ten Stars of Filial Piety,” Hainan Daily reported.

The candidates were selected based on their exceptional behaviors of taking care and respect senior family members or citizens. The final results will be announced at the end of this month.

The campaign in Haiko is just one of many across China aimed at restoring some of the lost traditional values, including filial piety, which was highly regarded and enforced in ancient China.

In recent decades, however, it has become widespread that young people disrespect seniors, including elderly parents, even maltreat or abandon them when they are in need of care. Such a trend is partly the result of people turning their attention away from morality to money-making, as well as lack of education of traditions.
----by Josie Liu

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