Beijing Morning Post yesterday reported China National Offshore Oil Corp (CNOOC) formed a financial decision committee to oversee its financial assets. The company, with two insurance joint ventures with Italian finance giant Generali Group, also has its own trust company, two other insurance businesses and a fund management company. By the end of 2006, the oil major's financial subsidiaries had a net asset of 4 billion yuan and managed 90 billion yuan in assets.

(For more biz stories, please visit Industry Updates)