Guangdong Dapeng LNG Company Ltd. isa Sino-foreignjoint venture with wholly-ownedsubsidiariesofCNOOC and BP each holdingequitysharesof 33% and 30%, respectively.
This allowed the new business, once local-government approval was obtained in China, to accept foreign private-equity money invested into the overseas holding company, while abiding by the letter of Beijing's restrictions on foreign investment in domestic enterprises.