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China builds stake in BP

Financial Times: China builds stake in BP

Published: April 15 2008 03:00 | Last updated: April 15 2008 03:00

China has built up a stake of about 1 per cent in BP via a sovereign wealth fund. The stock market value of the stake is estimated to be about £1bn.

The move follows the purchase of 1.6 per cent in French oil company Total by China’s State Administration of Foreign Exchange.

Gordon Brown, the prime minister, on a visit to China in January urged the country’s new $200bn sovereign wealth fund, China Investment Corp, to use London as a hub for its international operations, contrasting Britain’s “open door” policy with protectionist signals from the US. Mr Brown’s words won a warm response from Wen Jiabao, Chinese premier, who said the fund would operate on “a totally corporate basis, without intervention from the government”. FT Reporters

Copyright The Financial Times Limited 2008

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