Chinese oil and gas majors PetroChina (PTR - Get Report) and Cnooc (CEO) are reportedly close to inking a deal to buy liquefied natural gas (LNG) from Qatar to meet rising domestic demand, according to Bloomberg.
PetroChina has also asked Chevron (CVX) to begin producing natural gas in southwestern China in 2009, as part of a deal singed last year, according to the company's Web Site. Shares of PTR fell 4.3% to $130.90 and shares of CEO closed lower by 3.8% at $152.78.
Leading the losers list among Chinese ADRs Wednesday were Agria (GRO), which fell 11% to $4.85; China Eastern Airlines (CEA), which dropped 7% to $44.50; China Finance Online (JRJC), which shed 6.2% to $15.10; and Guangshen Railway (GSH), which closed down 6.1% to $25.91.
Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.