Gulf firms to build 'energy city' in China
Thursday, 19 July 2007
MANAMA, July 18 (AFP): Two Gulf investment institutions said yesterday they would pump up to five billion dollars into developing an "energy city" in China, a major importer of oil from the region.
Bahrain-based Gulf Finance House, an Islamic investment bank, and Gulf Energy, an international firm that invests in the energy sector, made the announcement in Beijing, a statement said.
Located in the Yanjiao business district, 30 kilometres (18 miles) from the heart of Beijing, the 13.4 square kilometre Energy City China development will be a purpose-built business and residential district for Asia's leading energy companies, the statement said.
A letter of intent was signed for the project, which will cost up to five billion dollars, and feature an energy databank, a financial service centre and an International Mercantile Exchange.
The statement did not say when the development would be completed, but that it was the third in a series planned by Gulf Finance House and Gulf Energy.
The two others, unveiled last year, are in Qatar and India.
Bahrain-based Gulf Finance House, an Islamic investment bank, and Gulf Energy, an international firm that invests in the energy sector, made the announcement in Beijing, a statement said.
Located in the Yanjiao business district, 30 kilometres (18 miles) from the heart of Beijing, the 13.4 square kilometre Energy City China development will be a purpose-built business and residential district for Asia's leading energy companies, the statement said.
A letter of intent was signed for the project, which will cost up to five billion dollars, and feature an energy databank, a financial service centre and an International Mercantile Exchange.
The statement did not say when the development would be completed, but that it was the third in a series planned by Gulf Finance House and Gulf Energy.
The two others, unveiled last year, are in Qatar and India.