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October 27, 1994|From Times Staff and Wire Reports

Arco to Buy Stake in China's Zhenhai: The oil company has agreed to buy about 10% of China's Zhenhai Petrochemical Co. stock, Hong Kong fund managers and securities analysts said. Atlantic Richfield Co. will buy about 40% of the 600 million shares to be issued by Zhenhai in private and public placements, representing 25% of its capital, analysts said. About 120 million shares will be listed as H shares on the Hong Kong stock exchange. The issue is expected to raise about $180 million for the refinery. Arco plans to use Zhenhai's port facilities to ship gas, diesel and lubricant products into China, fund managers said. Zhenhai is based in Ningbo, about 100 miles south of Shanghai.

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