IN BRIEF

Energy

Sinopec, Devon in $2.2b shale deal

Oil refiner China Petrochemical Corp, also known as Sinopec Group, has agreed to buy a third of Devon Energy Corp's interest in five US developing fields for $2.2 billion ($1.7 billion euros) through its subsidiary Sinopec International Petroleum Exploration and Production Corp.

The subsidiary will pay $900 million in cash and $1.6 billion in Devon's future drilling costs, funding 125 wells this year, according to the US oil and natural gas producer.

Devon expects the $1.6 billion designated for drilling costs to be spent by the end of 2014.

PetroChina buys oil sand project

PetroChina Co has agreed to buy out its partner's stake in a newly approved project for C$680 million ($674 million, 515 million euros).

Calgary-based Athabasca Oil Sands Corp said it exercised an option to sell its 40-percent interest in the MacKay River oil sands project in northern Alberta to PetroChina so it could free up money to concentrate on some of its other oil sands and light crude projects.

After the project won regulatory approvals in December, the partners had 30 days to decide whether to exercise put and call options on Athabasca's stake.

CNOOC fund not for Bohai Bay oil spill

China National Offshore Oil Corp (CNOOC) said that its future marine environmental fund has "no direct link" with the compensation fund launched by its US partner ConocoPhillips following severe oil spills in Bohai Bay.

"The fund is not established for compensation but public welfare," said an unnamed spokesman with the company, adding that fishermen will benefit from the fund.

The oil producer announced that it had filed an application to the Ministry of Civil Affairs for registration of a marine environmental fund with an initial donation of 500 million yuan ($79.4 million, 61 million euros).

Deals

LDK Solar to buy Germany's Sunways

China's second-largest solar-panel maker LDK Solar Co plans to purchase German solar cell and panel manufacturer Sunways AG for about 24.2 million euros.

The deal will help LDK Solar to get access to new technology and a distribution network in the world's biggest photovoltaic market.

The acquisition would be the first by a Chinese solar-energy company in Germany, where a record 7,400 megawatts of solar capacity was installed in 2010.

Aviation

Jade Cargo stops flights as demand wanes

Jade Cargo International has halted all flights as its owners Lufthansa Cargo and Shenzhen Airlines work on a plan to secure the Chinese air freight company's financial future.

A spokesman for Lufthansa Cargo said all six aircraft of Jade Cargo have stopped flying, confirming earlier reports, and said negotiations were underway among shareholders.

Lufthansa Cargo's Chief Executive Karl Ulrich Garnadt told Reuters this month that the company was reviewing its business in China, where cargo companies are struggling to make a profit.

Machinery

Caterpillar sees 10% growth in China

Heavy machinery maker Caterpillar Inc has forecast China's construction equipment market to grow 10 percent in 2012 and the yuan to strengthen versus the US dollar.

China would continue to grow at a "fairly significant" rate for the foreseeable future, said Group President Richard Lavin ahead of the Asian Financial Forum 2012 to be held in Hong Kong on Jan 16-17.

Internet

Hiring of lobbyist hints at Yahoo interest

Alibaba Group has hired a Washington DC lobbyist, in a strong signal that the Chinese company is willing to make a bid for all of Yahoo!Inc in the event that the company's talks to unwind their Asian partnership fail.

Japan's Softbank Corp, which owns a 30-percent stake in the e-commerce company Alibaba and is a partner in Yahoo!Japan, is also listed as an Alibaba affiliate in a disclosure from Duberstein Group Inc, a lobbying firm.

The founder of Alibaba Group, Jack Ma, said in September that he was eager to buy all of Yahoo if that opportunity presented itself.

Property

Developer Huang turns to Finland, Denmark

Huang Nubo, the Chinese billionaire who was recently in unsuccessful negotiations with Iceland to build a $200-million tourism project in the country, said he is looking for similar projects in Finland and Denmark.

The developer said he is planning to spend "tens of millions" of US dollars on so-called holiday villages in the two countries.

The investments will not be as high as the $200-million price tag because the new sites are smaller than the one planned in Iceland, he said.

Law

Youku and Tudou suing each other

The two leading video-sharing portals in China are suing each other for more than 100 million yuan, each claiming the other is pirating its content.

In mid-December, Tudou.com announced it would file a lawsuit against Youku.com, which in turn said it was the victim of piracy and will also ask for more than 100 million yuan in compensation.

The public dispute grabbed headlines in the Chinese media and again put copyright concerns in the spotlight.

China Daily-Agencies