China HC (Huicong) International Inc, the country's largest business information service provider, signed a contract with the world's largest provider of information for the chemical industry yesterday in Beijing, to undertake analysis and produce reports on both the international and domestic fuel oil markets.

The foreign partner, UK-based ICIS-LOR, is a subsidiary of UK-based Reed Business Information (RBI), one of the world's leading business to business publishers.

"The co-operation marks the first match up between a local and foreign company in the business information service," said Guo Fansheng, CEO of HC International. The two will jointly undertake analyses and report on both the cash and futures markets of the fuel oil industry, to provide accurate and professional business information to companies locally and internationally, according to company sources.

The reports will include market information, oil price trends and market prospects.

The co-operation, said Guo, will help HC International establish itself on the international stage, by enhancing its technical expertise and expanding its sales network.

"Our products, through this channel, will gain a foothold in international fuel oil markets," he said.

The partnership will update local fuel oil companies with all the necessary information, in order to bolster their performance in the international market, said experts attending the press conference.

Guo declared his intention to strengthen ties with the UK-based firm, saying this partnership was just the beginning of their relationship.

He implied that the two will also attempt to penetrate the petrochemical, medical and high-tech industries.

Iain Melville, marketing director of RBI, echoed Guo, saying his company would like to "work with HC International in more areas."

Established in 1992, Beijing-based HC International Inc was the country's pioneering business information provider, with the firm now covering 64 industries including the petrochemical, software, steel and textile.

The company listed on the Hong Kong stock market in December 2003.

Its annual profits in 2004 climbed 40 per cent year-on-year, according to the company's CEO yesterday.

Source: China Daily