Bright Dairy Food has bought 51 percent of New Zealand's Canterbury-based milk processing company Synlait Milk, New Zealand media reported.

Bright Dairy Food will use the acquisition to source high-quality infant and whole-milk powders for sale in China.

Bright Dairy will invest NZ$82 million ($58 million) in the New Zealand firm to become a majority partner in its processing arm.

As a result of the agreement, and subject to regulatory and shareholder approval, China's Bright Dairy and Synlait Limited will become joint owners of Synlait Milk.

Sinopec sees output rise

China Petroleum and Chemical Corp (Sinopec), said last Tuesday that it processed 101.45 million tons of crude oil in the first half of 2010, up 16.74 percent year on year.

The nation's largest oil refiner said in a preliminary report that its natural gas output rose by 40.73 percent from the same period last year to 200.56 billion cubic meters.

Sinopec's diesel output rose by 13.33 percent to 36.72 million tons in the first half from a year earlier, while kerosene was up 29.96 percent, the company said. Strong domestic economic growth in the first half contributed to the increased output.

Gasoline output rose by 4.59 percent year on year in the first half, said the company. Ethylene went up by 41.34 percent, synthetic resins by 28.51 percent, synthetic fibers by 7.47 percent and synthetic rubbers by 18.58 percent.

COSCO rebounds

China COSCO Holdings Co, China's largest shipping line, said it may see profit in the first half as the global shipping market recovers.

The news is according to a company statement filed with the Shanghai Stock Exchange.

The listed arm of China Ocean Shipping (Group) Co., the company posted a 4.62 billion yuan loss in the first half of 2009.

M A of iron and steel giants

Shougang Group will spend 2.5 billion yuan in cash to buy Tonghua Iron and Steel Group shares held by the State-owned Assets Supervision Administration Commission of Jilin province.

After the takeover, Shougang Group, will hold 77.59 percent of Tonghua and the State-owned Assets Supervision Administration Commission of Jilin Province will hold 10 percent. China Huarong Asset Management Corp will hold 10.33 percent while other shareholders will own 2.08 percent.

Shougang manufactured 17.3 million tons of steel last year, making it the country's seventh-largest mill, according to a company statement.

China Daily - Agencies

(China Daily 07/27/2010 page15)