VENTURE CAPITAL POST

China will likely cut the number of its central government-owned conglomerates to 40 through massive mergers, as Beijing pushes forward a sweeping plan to overhaul the country's underperforming state sector, state media reported on Monday.

A report revealed in detail based on its records how China was able to acquire control of oil of countries Venezuela, Brazil, Angola, and now OPEC member Ecuador.

Petróleo Brasileiro (Petrobas) was reportedly nearing the completion of its Peru-based asset sale to China National Petroleum Corp (CNPC).

Russian oil firm Rosneft signed an agreement with China National Petroleum Corp for the latter to purchase a 49% stake in the Russian oil producer's East Siberian venture.

The Telegraph reported that Royal Dutch Shell had postponed its refinery project worth USD 1.3 billion in eastern China.

China National Petroleum Corp bought a 20% stake in Novatek's Yamal liquified natural gas venture.

China National Petroleum Corp pays out US$5 billion for a share in the Kashagan oil fields of Kazakhstan.

China National Petroleum Corp (CNPC) is in talks with Ecuador's government over a potential investment in the OPEC-member's $12.5 billion Pacifico refinery project