Beijing Could Become New Oil Capital of Asia

A Bahrain-based developer has announced a $5 billion plan to build a centre for oil companies near Beijing, which would place the city at the heart of the oil and gas industry in Asia.

Esam Yousif Janahi, CEO of investment company Gulf Finance House, says he hopes to build the centre in Sanhe, a city on Beijing's eastern outskirts.

It is hoped the development of a business park, business school and research centres will attract foreign and Chinese oil and gas companies.

The project requires Chinese Government approval.