PARAGON Holdings yesterday said that there had been no discussions about the company controlling the regional oil development projects of China National Petroleum Corp (CNPC), its controlling shareholder. The company also said it had reached no agreements with CNPC to develop projects jointly in China or about the injection of CNPC's assets. The board was discussing with CNPC the way in which Paragon could utilise the expertise and capabilities of CNPC indeveloping any future projects that Paragon might pursue, but no agreement had been reached. And although discussions were being held on the alternative methods of raising funds for the future operations of the company, no decisions had been reached.
