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Lufeng Chicken Farm
12.
"China Economic News" reported on 7 September that the
Lufeng (Green Bee) Chicken Farm, a joint venture (see above paragraph 7 (c)) between the Guangdong Provincial Overseas Chinese Enterprises Company and Hong Kong's Wynne and Company,
will go into full production in October. The farm is about 37 miles from Hong Kong in Huiyang County on the East River
and will supply 1.5 million chickens annually to Hong Kong
and 1 million to local markets. The Guangdong company has provided 70% of the capital (in the form of land, labour and construction) and the Hong Kong company 30% ("know-how", equipment and building materials). Profits (less 30% operating capital) will be shared by the two sides in the
same proportion.
Exploitation of off-shore oil
13.
The Chinese Ministry of Petroleum announced on 22 September that international bidding to exploit off-shore oil reserves would be opened at the end of this year or the beginning of next. The six areas in question are Bohai, the southern Yellow Sea, the East China Sea, the Pearl River Estuary, Beibu and Yingge (both west of Hainan Island). Press reports indicate that among the companies most likely to submit bids for drilling are British Petroleum, Elf- Acquitaine of France and the US companies Atlantic Richfield
and Santa Fe International.
14.
Relevant to oil exploration in the South China Sea, was the assertion by Vice-Premier Gu Mu on 14 September that Zhanjiang (on the Leizhou Peninsula) will be developed as a major new port to serve as an oil support base and for the export of coal and oil products. Gu Mu was speaking in Dalian at the launching of a Chinese made ship for sale to Hong Kong's Regent Shipping Ltd. (headed by C.L. Pao, the
brother of Sir Y.K. Pao).
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