Business: Oil from China

Peking seeks U.S. expertise

Quietly, a host of U.S. companies —General Motors, Ford, IBM, Genesco, among others—have been negotiating to sell goods to China or set up plants there. But some of the biggest hopes are for Yankee traders to buy oil for the lamps of America. Last week, in a move that seems to signal a new economic pragmatism by Peking's post-Mao leaders, Coastal States Gas Corp. became the first U.S. company ever to buy oil from the People's Republic. The Texas firm signed a deal to bring 3.6 million bbl. of crude into California, beginning early...

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