OIL GIANT WINS CHINESE BROKING LICENCE

CHINESE oil giant Shaanxi Yanchang Petroleum has received approval from The China Insurance Regulatory Commission to establish an insurance broker in Shaanxi province. Shaanxi Yanchang Insurance Brokers, in which Yanchang Petroleum will hold a 60% stake will be based in the north-western province’s capital Xi'an capitalised at Yuan5m. The oil giant, China’s fourth largest, has a 20% stake in Xi'an-based Yong An Property Insurance.