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Oil major BP confirms Chinese investment fund has accumulated one per cent stake

THE ASSOCIATED PRESS: Oil major BP confirms Chinese investment fund has accumulated one per cent stake

Published: Tuesday, April 15, 2008 | 10:17 AM ET
Canadian Press: Jane Wardell, THE ASSOCIATED PRESS

LONDON – A Chinese investment fund has accumulated a stake of just under one per cent in British oil company BP PLC, the giant energy company confirmed on Tuesday.

BP spokesman David Nicholas said that BP was aware of the stake, which had been built up over a few months.

“We are a publicly traded company and we welcome all shareholders,” Nicholas said.

British Treasury chief Alistair Darling, who is attending the inaugural China-UK Economic and Financial Dialogue in Beijing, said the government welcomed foreign investment and did not interfere in commercial decisions.

BP declined to name the investor, but The Daily Telegraph reported that it was the State Administration of Foreign Exchange, the same Chinese state fund that recently reportedly built up a similar size stake in French oil giant Total SA.

The fund is an arm of the central bank that manages China’s US$1.68 trillion in currency reserves.

http://www.cbc.ca/cp/business/080415/b041531A.html

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