Around the world

Tencent invests in story platform

Tencent Holdings has completed an investment of about $50 million in Torontobased storytelling app Wattpad, media reports said on Wednesday.

That investment combined with funds from other venture capital firms made up a financing round that put the Canadian company’s valuation at $400 million, according to media reports.

Founded in 2006, Wattpad, also known as WP Technology Inc, operates a social platform that creates direct connections between readers and writers.

Vineyard deal in Australia

Chinese winery Yantai Changyu Pioneer Wine Co will buy an 80 percent stake in the Clare Valley’s award-winning Kilikanoon Estate in Australia for A$20.6 million ($16.4 million).

The deal follows Chengyu visiting Kilikanoon near Adelaide in South Australia in November 2016 and beginning partnership negotiations in early 2017.

Changyu Chairman Zhou Hongjiang said that the completion of the Australian deal means that Changyu’s overseas acquisition plan is complete.

The company, which is based in Yantai, East China’s Shandoing Province, had previously purchased wineries in France, Spain and Chile.

Nigerian petrochemical pipeline

Shanghai-listed Offshore Oil Engineering Co, a subsidiary of China National Offshore Oil Corp, reportedly began construction of an undersea pipeline of Dangote Oil Refining Co in Nigeria.

This would be the largest petrochemical project for a Chinese contractor in Africa, according to people.cn on Monday.

The 90-kilometer pipeline will cost $160 million.

The Dangote project will be able to process 650,000 barrels of crude per day, enough to satisfy Nigeria’s need for refined oil products.

The groundbreaking ceremony was held inside the Lekki Free Zone, also known as the China-Nigeria Economic &Trade Cooperation Zone, located near Lagos.