The Federal Reserve has approved China Investment Corp's (CIC) request to take up to 10 percent voting shares in Morgan Stanley, Reuters said Wednesday. More stories: CIC may nike air force shoes rope in domestic AMCs CIC may pick China Asset to manage investments Morgan Stanley raises property in China portfolio CIC, China's $300 billion sovereign wealth fund, stated that it did not plan to seek to control or exercise a controlling influence over Morgan Stanley and the deal will snow boots be a passive investment, the Federal Reserve said. CIC had in December 2007 invested in Morgan Stanley securities through a nonbank subsidiary, and the investment entails it the right to acquire Morgan Stanley common stock by August of this year, according to the Fed order. Up till now, CIC has invested in Morgan Stanley a total of $6.8 billion. BEIJING - Liechtenstein Monday recognized China's full market economy status, as Liechtenstein's Crown Prince Alois von und zu Liechtenstein and Prime Minister Klaus Tchutscher visit China. More stories: Germany to push EU to recognize China's market economy status: Communique US to recognize China's market economy status China, US to further discuss China's market uk ugg boots economy status Chinese Vice-president Xi Jinping and the two Liechtensteiner leaders attended air jordan 10 the signing ceremony for the relevant documents Monday. Xi hailed the 60-year diplomatic relationship between China and Liechtenstein when meeting with the two leaders, adding that China hopes to work with Liechtenstein to enhance friendly bilateral cooperation. The two Liechtensteiner leaders said their country values its ties with China and is ready to increase bilateral cooperation in economics, trade, culture and tourism. Besides Beijing, the two leaders will visit Shanghai and the ongoing World Expo. Beijing - China's largest oil refiner Sinopec Group expects to achieve annual sales of 20 billion yuan ($2.94 billion) from the Sichuan-Shanghai natural gas pipeline project. Huang Wensheng, Sinopec spokesman, told a press louis vuitton bags conference on Tuesday that under current average natural gas price of 1.51 yuan per cubic meters (cu m), the company is expected to achieve moncler outlet store sales of 18 billion yuan from the project per year. Related readings: China expands natural gas network Gas price hiked in some provinces Sinopec prepares shale gas exploration Plans to harness

new natural gas resources The 62.7-billion-yuan pipeline, which starts at Sinopec's Puguang natural gas field in Sichuan province and ends in Shanghai, started official operations on Tuesday. The project is designed to transport 12 billion cu m of natural gas annually. The project can also make sulfur as a byproduct. Annual sales for sulfur are estimated at around 2 billion yuan, he added. Besides adding sales to the company, Huang said that the project is more important in "helping China to ensure energy security and improve energy structure". More prada outlet use of natural gas, a clean energy, can help China to achieve its targets in energy and environment areas, he said. Natural gas now accounts for around 3.9 percent of China's total energy consumption. The country aims to use more gas to fuel its economy while reducing pollutions. Compared with other fossil fuels like oil and coal, China's consumption of natural gas is projected to see rapid growth in the next few years, said analysts. China consumed 60.6 billion cu m of natural gas in the first seven months of this year, up 21.2 percent from the same period of last year, according to the National Development and Reform Commission. Cao Yaofeng, deputy general manager of Sinopec Group, said that the company will also accelerate its exploration and production of natural gas to meet increasing domestic demand. The air jordan 9 company has now formed five gas production bases, which are Sichuan, Ordos, southern Liaoning, Tarim Basin and Bohai Sea bay area, he said. According to Sinopec, operation of the Sichuan-Shanghai pipeline can increase gas usage in the cities located along the project pipeline from 3.27 percent to 4.23 percent. Operation of the project can also help reduce carbon dioxide (CO2) emissions by 16.97 million tons per year, as well as sulfur dioxide (SO2) and other pollutants by 798,200 tons per year. The Sichuan-Shanghai gas pipeline is the third pipeline to send gas from China's western regions to the east.