The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 524.80
Bid: 525.20
Ask: 525.30
Change: -1.50 (-0.29%)
Spread: 0.10 (0.019%)
Open: 529.30
High: 530.70
Low: 522.30
Prev. Close: 526.30
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 2-Gas and currency deals cap Chinese premier's first UK visit

Tue, 17th Jun 2014 20:02

* Trip is Li's first to UK since taking office

* UK's Cameron announces deals worth more than 14 bln pounds

* China keen to put rights row behind it

* Trade deals focus on energy, finance sectors (Adds details, comments from Li on currency deals)

By William James and Kylie MacLellan

LONDON, June 17 (Reuters) - Britain and China signed dealsworth more than 14 billion pounds ($23.5 billion) on Tuesdayduring a visit by Chinese Premier Li Keqiang, with energy andfinance dominating the trade agenda.

In a trip aimed at deepening commercial ties between theworld's second-largest economy and Europe's financial capitaland moving past a row over Tibet, Li met Queen Elizabeth andheld talks with Prime Minister David Cameron.

Cameron said the rise of China was "one of the definingevents of our century" and that Britain wanted to strengthenties on every level, from business to cultural understanding.

"Today we have signed deals worth more than 14 billionpounds, securing jobs and long-term economic growth for theBritish and Chinese people," Cameron told a news conference.

Li, on his first official trip to Britain since takingoffice, said the two countries had extensive shared interests.

"China is ready to work with the UK to foster a partnershipfor growth and inclusive development to ensure that thisrelationship will grow faster and in a healthier way," he said.

Oil major BP signed a 20-year deal worth around $20billion to supply China National Offshore Oil Corporation(CNOOC) with liquefied natural gas (LNG) cargoes, BP ChiefExecutive Bob Dudley said at a conference in Moscow.

"It is a fair price for them and a fair price for us. It isa good bridge between the UK and China in terms of trade,"Dudley said.

Shell also announced that it had signed anagreement with CNOOC strengthening its existing strategic ties.

OFFSHORE TRADING

The London Stock Exchange said it had signedagreements with two of China's biggest banks to develop offshoretrading in the Chinese currency, the yuan (RMB).

London, which dominates the $5-trillion-a-day global foreignexchange market, is seeking to fend off challenges to itsposition as the leading yuan centre in Europe.

Li hailed a deal to make China Construction Bank (CCB), the country's second-largest lender, the firstclearing service for offshore trading of the yuan in London.

"It will further consolidate and promote London's status asan international financial hub and will help the gradual internationalisation of the RMB to promote trade and investmentliberalisation and facilitation," Li said at a speech tobusiness delegates.

China views Britain, the world's sixth largest economy andhome to the only financial capital to rival New York, asEurope's most open place to do business.

With Chinese firms keen to invest in major nuclear andhigh-speed rail projects, the two governments also agreed aframework to collaborate more closely on nuclear supply chaindevelopment and signed a memorandum of understanding paving theway for more cooperation on railway design and construction.

The state-owned China Development Bank Corporation (CDB),which finances government-led infrastructure projects and islooking to expand its overseas investments, signed a deal tobuild closer ties with TheCityUK, which represents Britain'sfinancial industry.

Lloyds Banking Group also signed a memorandum ofunderstanding with CDB to help secure inward investment fromChina, with a focus on energy and infrastructure.

PAST DIFFERENCES

China, whose $9 trillion economy is over three times thesize of Britain's, wants to use the visit to move pastdifferences with London over Tibet.

Britain's relations with China took a nosedive in 2012 afterCameron met the Dalai Lama, the Tibetan spiritual leader whoBeijing says is a separatist. Ties have recovered somewhatsince, and Cameron visited China last year.

But tensions remain.

China has ruled Tibet since 1950, and Beijing warned Londonon the eve of Li's visit not to lecture it on the subject if itwanted good economic ties. British Deputy PrimeMinister Nick Clegg said on Monday that the people of China werepolitically shackled to a Communist one-party state.

Asked about Clegg's comments, Li said that China'sconstitution required human rights to be respected, and that thecountry was choosing its own path on the issue.

"There are diverse dimensions to the issue of human rights,and countries which are at different stages of development, andwith different historical and cultural backgrounds may see thisissue of human rights from different perspectives," he said.

During the trip, which finishes on Wednesday, investors willbe looking for any signals that Li, number two in the rulingCommunist party, may send about the future of Asia's largesteconomy in two speeches he is due to give before leaving. ($1 = 0.5956 British Pounds) (Writing by Guy Faulconbridge and Andrew Osborn; Additionalreporting by Ben Blanchard and Aizhu Chen in Beijing,; SaikatChatterjee in Hong Kong, Vladimir Soldatkin in Moscow,; OlegVukmanovic in Milan and Nina Chestney in London; Editing by MarkTrevelyan and Sonya Hepinstall)

More News
4 Jan 2024 13:07

London close: Stocks rise as US jobless claims slow

(Sharecast News) - London markets showed mixed performance on Thursday as investors digested the latest UK services and mortgage data and a fall in jobless claims across the pond.

Read more
4 Jan 2024 12:09

LONDON MARKET MIDDAY: Retailers Next and JD Sports bookend FTSE 100

(Alliance News) - Stock prices in London were slightly higher at midday on Thursday, with the FTSE 100 looking set to snap the two-day losing streak it suffered at the start of the year.

Read more
4 Jan 2024 09:31

LONDON BROKER RATINGS: Jefferies cuts Tullow; Berenberg likes Volex

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
4 Jan 2024 08:58

LONDON MARKET OPEN: Next leads buoyant FTSE 100 amid services PMIs

(Alliance News) - Stock prices in London opened up on Thursday, amid a slew of services PMI data, including for the UK, while reacting to the latest data from China.

Read more
3 Jan 2024 18:37

Equinor, BP cancel contract to sell offshore wind power to New York

Jan 3 (Reuters) - European energy firms Equinor and BP terminated their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs, and supply chain issues.

Read more
3 Jan 2024 17:02

Equinor and BP cancel contract to sell offshore wind power to New York

Jan 3 (Reuters) - Equinor and BP terminated on Wednesday their agreement to sell power to New York state from their 1,260-megawatt Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs, and supply chain issues.

Read more
3 Jan 2024 16:52

LONDON MARKET CLOSE: Stocks down ahead of US Fed minutes

(Alliance News) - Stock prices in London closed lower on Wednesday, as investors nervously look ahead to the latest US Federal Reserve meeting minutes.

Read more
3 Jan 2024 08:18

Chill Brands plots product launches and looks to ease regulatory worry

(Alliance News) - Chill Brands Group PLC on Wednesday said its vape products will soon launch in retail stores, including WH Smith PLC travel locations, and it reported a trio of initiatives to help soothe regulatory scrutiny.

Read more
2 Jan 2024 16:58

LONDON MARKET CLOSE: Stocks down amid disappointing manufacturing data

(Alliance News) - Stock prices in London closed lower on Tuesday, after the year was started with some disappointing data about the UK and US manufacturing sectors.

Read more
29 Dec 2023 13:01

LONDON MARKET CLOSE: UK equities outclassed by other markets in 2023

(Alliance News) - Stock prices in London closed mixed on Friday, the final trading day of 2023, as the annual returns from UK equities were outshone by international markets.

Read more
28 Dec 2023 16:54

LONDON MARKET CLOSE: End of year rally cools as FTSE 100 edges lower

(Alliance News) - Stock prices in London closed mixed on Thursday, the final full trading day of a mixed year, though the FTSE 100 is still on track to deliver a gain of more than 3% for 2023.

Read more
28 Dec 2023 09:02

LONDON MARKET OPEN: China-exposed firms rise as stocks drift higher

(Alliance News) - Stock prices in London opened slightly higher on Thursday, with investors feeling quietly optimistic on the penultimate day of trading for 2023.

Read more
23 Dec 2023 12:30

Poland's Orlen files Venture Global LNG arbitration case -Bloomberg News

Dec 23 (Reuters) - Polish oil and gas firm Orlen has lodged an arbitration case against Venture Global LNG which alleges that the U.S. exporter of liquefied natural gas was not honouring a long-term contract, Bloomberg News reported on Saturday.

Read more
22 Dec 2023 19:54

More ships carrying oil avoid Red Sea route

HOUSTON, Dec 22 (Reuters) - At least two ships transporting oil or oil products between the U.S. Gulf Coast and India on Friday were re-routing from the Red Sea, according to vessel tracking data, as a U.S.-led coalition geared up to help safeguard vessels from attacks by Yemen's Houthi militants.

Read more
22 Dec 2023 19:29

More ships carrying oil avoid Red Sea route

HOUSTON, Dec 22 (Reuters) - At least two ships transporting oil or oil products between the U.S. Gulf Coast and India on Friday were re-routing from the Red Sea, according to vessel tracking data, as a U.S.-led coalition geared up to help safeguard vessels from attacks by Yemen's Houthi militants.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.