PetroChina to expand overseas, eyes progress in Sino-Russian pipeline

08:57, May 19, 2011      

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Senior executives of PetroChina Co., Ltd., said Wednesday that the company will continue to seek opportunity for overseas merger and acquisition (M&A) and further expand its Latin American presence.

In an interview with Xinhua at PetroChina's annual shareholders' meeting, Chairman Jiang Jiemin said current high oil and gas prices don't make it an ideal time for overseas M&A, but the company won't miss a profitable chance when it comes along.

Jiang added that PetroChina will use the steady returns from its current overseas projects and funds raised through sales of bonds to support overseas expansion.

PetroChina aims to produce 200 million tonnes of oil equivalent, or half of its total output, by 2015 from overseas projects , while doubling the volume and value of its oil trading business from 2010, when it turned over 200 million tonnes and 100 billion U.S. dollars, Jiang said.

The chairman said smooth progress has been made for PetroChina to build oil-trading hubs in Singapore, London and New York, and the company plans to build storage and transportation facilities in the Caribbean region as part of efforts to boost cooperation with South American partners.

China and Russia have reached a consensus on most technical and commercial terms to facilitate the Sino-Russian pipeline project and only a few key questions remain, Jiang said.
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Source: Xinhua
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