Last Updated :
14 May 2009 at 02:30 IST
China oil major keen on expansion
Commodity Online
PetroChina Co. Ltd. (HKG:0857) is targeting for overseas expansion phase via. mergers and acquisitions on account of low oil prices it is cautiously seeking offshore strategic partners.
PetroChina Co. Ltd. is an oil and gas producer and seller in the People’s Republic of China (PRC).
PetroChina will consider strategic alliances with global oil majors viz. Exxon Mobil (NYSE:XOM), Royal Dutch Shell (LON:RDSA), Chevron (NYSE:CVX) and BP (LON:BP) alongside initiating firm co-operation with national oil major countries like Kazakhstan, Venezuela and Qatar.
Approximately 40 Mt of oil resources will be brought from Venezuela by PetroChina when bilateral projects between them are finalised in the future. Moreover PetroChina is looking forward to raise $14.65 billion via debt to finance key strategic projects in 2009.
Notably, XOM has agreed to sell 2 Mt of LNG/year for 20-25 years from its Gorgon project in Australia to PetroChina but the deal is awaiting government approval.
PetroChina Ltd. is currently trading with a gain 4.69% at Hong-Kong Stock Exchange as on Wednesday while it gained 29.62% in last 30 days. It touched a 52-week high of 11.68 and low of 4.05.
NCDEX STEELLONGJUN12 20 June 2012
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