GE And CNOOC To Set Up Private Equity Fund (GE)

General Electric Co. GE and China National Offshore Oil Corp. are mulling setting up a $439 million private equity fund. Both the companies will be equal partners in the fund. According to the China Daily, the fund will be used for investments in several sectors including domestic and global energy projects. Reuters reported that neither company could be reached for comments. China National Offshore Oil Corp is China’s biggest offshore oil company. It recently announced its purchase of 50% stake in Bridas Energy Holdings. China Daily has said that the move would help CNOOC in emerging as a bona fide integrated energy company. The paper has quoted analysts as saying that the deal will also boost CNOOC’s asset management and investment capabilities.