Aroundtheworld

HNA’s unit changes name

HNA Holding Group, the Hong Kong-listed arm of Chinese conglomerate HNA Group, said on Sunday that it will change the company’s name from HNA Holding Group Co to CWT International, according to a filing it sent to the Hong Kong bourse.

The move aims to help the company better reflect and align with the corporate strategy of HNA Group, the filing said.

The Financial Times reported that the company plans to remove any trace of its parent company from its name.

HNA has been in the spotlight amid China’s crackdown on shadow banking, Bloomberg reported in October. The company has been banned from conducting some financial transactions with insurance unit Bohai Life Insurance Corp for six months.

Contractor’s $1.5b deal in UAE

General contracting services provider China Petroleum Engineering Corp signed a $1.52 billion contract with ADNOC Onshore on Monday.

The Chinese company won an engineering procurement contract in Abu Dhabi oil sector, which will help generate profits in the next four years, according to domestic financial news site stcn.com.

ADNOC Onshore is an onshore producer within the ADNOC Group, with daily output of 1.6 million barrels of oil and 158.6 million cubic meters of natural gas, according to the company’s website.