The World - News from May 19, 1985
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Occidental Petroleum Corp. and China announced that they have reached “basic agreement” on a $600-million coal-mining project in north-central China. A communique signed in Peking by Occidental Chairman Armand Hammer and Chinese officials said the contract would be signed before June 30. The project, under discussion for years, had appeared secure when Hammer signed an agreement in principle on April 29, 1984, timed to coincide with President Reagan’s visit to China. But a drop in world coal prices and other difficulties delayed final agreement.
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