Tag Archives: Pakistan

Chinese Oil Billionaire's Union Energy Says 1st-Half Profit Soared

By Russell Flannery, Forbes Staff China’s energy business is largely under the purview of big government-controlled companies such as PetroChina, Cnooc and Sinopec.  An oil company led by one of only a handful of private sector entrepreneurs to make a large fortune in the field reported a big jump in profit today. Hong Kong-listed United Energy Group’s net profit in the six months to June more than doubled to HK$525 million, or $67 million, from HK$214 million a year earlier, according to a company announcement. Earnings rose on increased production and higher oil prices, United said.  Revenue climbed to HK$2.3 billion from HK$1.4 billion a year earlier.   Union acquired the upstream operations of BP in Pakistan for $775 million in 2011, and has since increased its production there.  Last October, it announced a “production cooperation agreement” with Chinese government-run China Development Bank for $5 billion, giving providing capital for additional acquisitions.   Union’s chairman Zhang Hongwei ranked No. 825 on the 2013 Forbes Billionaires List with wealth of $1.85 billion.   — Follow me on Twitter @rflannerychina     …read more

Source: FULL ARTICLE at Forbes Latest

Pakistan Taliban Busts Out 250 Inmates

By Rob Quinn

More than 250 inmates—including 25 classed as “dangerous terrorists”—were freed by a 100-strong group of Taliban militants in a raid on a prison in northwest Pakistan. Authorities say the attackers, armed with bombs and rocket-propelled grenades, destroyed the century-old prison’s walls and killed six policemen, two civilians, and… …read more

Source: FULL ARTICLE at Newser – Home