CHINA MARKS PROGRESS IN FORMING JOINT VENTURES

China's goal of increasing foreign investment is in its petroleum industry is making headway. A Sino-U.S. joint venture began construction late last month of a lubricants plant in Northeast China. China's first joint venture with a foreign company in shipbuilding started up early this year. Meantime, units of China National Offshore Oil Corp. and Singapore Marine Engineering Co. (Sembawang) plan a joint venture service company.

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