Tags: china spain deals

China, Spain to Sign Deals Worth $7.3 billion

Wednesday, 05 Jan 2011 10:07 AM

MADRID—China's Vice Premier Li Keqiang said China will sign $7.3 billion worth of deals with Spain on Wednesday, according to a Spanish official, after reiterating Beijing's pledge to back the crisis-ridden European nation's austerity measures and offer of potential support for Spain's future fundraising.

Mr. Li, widely expected to become China's next premier in two years, made the announcement at a breakfast banquet with business representatives in Madrid, the official said, on the second day of the vice premier's nine-day tour of the European Union in a show of support for China's largest export market.

"China is a long-term and responsible investor in the Spanish and European financial markets, and it has confidence and great interest in the Spanish market," Mr. Li said.

The contracts cover 16 sectors, including energy, banking, telecommunications, transport, and agriculture, but by far the most valuable one was the sealing of a previously announced $7.1 billion acquisition of certain Brazilian assets of Spanish oil firm Repsol YPF SA by China Petroleum & Chemical Corp., or Sinopec.

Repsol said in a statement Tuesday that the two companies pledged to analyze new business opportunities world-wide. Spain's Industry Ministry also said Wednesday Spain and China will "strengthen their relationship" in the energy sector and collaborate on foreign investments


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MADRID—China's Vice Premier Li Keqiang said China will sign $7.3 billion worth of deals with Spain on Wednesday, according to a Spanish official, after reiterating Beijing's pledge to back the crisis-ridden European nation's austerity measures and offer of potential support for Spain's future fundra
china spain deals
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2011-07-05
Wednesday, 05 Jan 2011 10:07 AM
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