Gulf Firms To Build 'Energy City' In China

$5 billion to be invested in city that will be built for energy companies

Two Gulf investment institutions said July 17 they would pump up to five billion dollars into developing an "energy city" in China, a major importer of oil from the region. Bahrain-based Gulf Finance House, an Islamic investment bank, and Gulf Energy, an international firm that invests in the energy sector, made the announcement in Beijing.

Located in the Yanjiao business district, 18 miles from the heart of Beijing, the 13.4 square kilometer Energy City China development will be a purpose-built business and residential district for Asia's leading energy companies, the statement said.

The project will feature an energy databank, a financial service center and an International Mercantile Exchange.

The statement did not say when the development would be completed, but that it was the third in a series planned by Gulf Finance House and Gulf Energy. The two others, unveiled last year, are in Qatar and India.

Copyright Agence France-Presse, 2007

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