June 17:
LONDON. KAZINFORM The state-owned China Development Bank wants to become a significant backer of Britain's major infrastructure projects, the BBC has learned.
LONDON. KAZINFORM The state-owned China Development Bank wants to become a significant backer of Britain's major infrastructure projects, the BBC has learned.
China Development Bank (CDB) is a wholly owned subsidiary of the Chinese government.
The BBC understands that it wants to directly fund two project areas in the UK - High Speed 2 and the next generation of nuclear power stations.
CDB has signed a memorandum of understanding with TheCityUK.
The agreement will encourage CDB lending in the UK as well as trading in China's currency, the renminbi, which will open up trade opportunities in China to British businesses.
The memorandum will be part of the announcements made by David Cameron and Premier Li Keqiang on Tuesday afternoon on closer Sino-UK commercial relations.
London deal
The memorandum has been brokered by Sir Gerry Grimstone, chairman of TheCityUK.
Another deal to be struck will be an agreement by BP with China National Offshore Oil Corporation worth about $20bn (£11.8bn).
The oil giant will supply its Chinese peer with liquefied natural gas (LNG), BP chief executive Bob Dudley said at a conference in Moscow.
Mr Dudley said the deal would be signed in London.
"It is a 20-year supply agreement on LNG. It is a fair price for them and a fair price for us. It is a good bridge between the UK and China in terms of trade," Mr Dudley said.
BP already supplies CNOOC with LNG from Indonesia.
The BBC understands that it wants to directly fund two project areas in the UK - High Speed 2 and the next generation of nuclear power stations.
CDB has signed a memorandum of understanding with TheCityUK.
The agreement will encourage CDB lending in the UK as well as trading in China's currency, the renminbi, which will open up trade opportunities in China to British businesses.
The memorandum will be part of the announcements made by David Cameron and Premier Li Keqiang on Tuesday afternoon on closer Sino-UK commercial relations.
London deal
The memorandum has been brokered by Sir Gerry Grimstone, chairman of TheCityUK.
Another deal to be struck will be an agreement by BP with China National Offshore Oil Corporation worth about $20bn (£11.8bn).
The oil giant will supply its Chinese peer with liquefied natural gas (LNG), BP chief executive Bob Dudley said at a conference in Moscow.
Mr Dudley said the deal would be signed in London.
"It is a 20-year supply agreement on LNG. It is a fair price for them and a fair price for us. It is a good bridge between the UK and China in terms of trade," Mr Dudley said.
BP already supplies CNOOC with LNG from Indonesia.
Source: http://www.inform.kz/eng/article/2669647?
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