David Cameron talks up China trade deals worth £14bn of gas, oil and HS2
Tuesday 17 June 2014
British businesses have signed £14bn worth of trade deals with China as the UK attempted to position itself as the country’s major trading partner in Europe.
The Prime Minister, David Cameron, hailed the burgeoning trade links between the two countries during a visit by the Chinese leader Li Keqiang. He said UK companies were now exporting more than £1bn to China each month, more than double the amount exported in 2009.
“In the last few years we have made a huge difference and built a much stronger bilateral and trading relationship between our countries,“ he added. “The figures tell the story – bilateral trade at record levels, our exports to China up 15 per cent in 2013, they have more than doubled in the last five years and, at a billion a month, they are growing faster than France’s or Germany’s.”
The largest deal agreed between the two countries will see oil giant BP supply the China National Offshore Oil Company (Cnooc) with liquefied natural gas (LNG). The 20-year agreement is worth £12bn, according to the Department for Business, Innovation & Skills, and will see 1.5 million tons of LNG shipped annually to China from 2019.
BP’s chief executive, Robert Dudley, said: “This is a significant deal for BP and China but it also marks a step up in global connectivity in the gas market. This is important for all countries and regions looking at the diversity of energy supply and energy security – it gives BP greater flexibility to respond to the changing energy demands from Europe, Asia and other regions.”
Other agreements saw the Anglo-Dutch company Shell sign a global strategic alliance agreement with Cnooc to explore “co-operation opportunities”.
Lloyds Banking Group has also agreed a deal with the China Development Bank to help secure inward investment from China into the UK, in particular into infrastructure and energy projects such a HS2 and nuclear power.
The Business Secretary, Vince Cable, said: “There has been more investment into the UK from China in the last 18 months than in the previous 30 years.”
Woodside sell-off: Shell sells stake
Royal Dutch Shell has set out plans to slash its stake in Australian energy giant Woodside, collecting $5bn (£3bn) as part of the oil major’s plan to offload $15bn worth of businesses by the end of 2015.
Shell is selling 19 per cent of Woodside’s stock, to cut its stake in the company from more than 23 per cent to 4.5 per cent.
Shares in Woodside, which Shell tried to take over in 2001, hit a three-year high earlier this week.
The Australian government blocked the oil giant’s bid 13 years ago, and the company has been reducing its stake in the Woodside ever since.
Kirstie Allsopp has waded into the female fertility debate again
...and it wasn't caused by an asteroid crash, as first thought
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 35,000 walrus gather on north-west Alaska beach 'for a rest'
- 4 Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Stella McCartney apologises over controversial 'very ill' model picture on Instagram
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Cheryl Cole named 'the most dangerous celebrity' on the internet
Former Tory donor Arron Banks ups his Ukip donation to £1million following William Hague 'nobody' comment
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...