PetroChina to expand overseas, eyes progress in Sino-Russian pipeline (2)

08:57, May 19, 2011      

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Talks between China and Russia have focused on a western pipeline route that ends in northwest China's Xinjiang Uygur Autonomous Region, but Jiang said PetroChina was hopeful of a breakthrough on an eastern pipeline, which would serve the markets of China, Japan and South Korea.

Concerning the current unrest in the Middle East and its effect on PetroChina's overseas growth, Jiang said he does not foresee any impact on the company, and it will not adjust its strategy regarding cooperation with overseas partners on oil and gas.

"We carry out complete risk assessments for each overseas project before we start it, therefore, I'm confident we will continue our strategy to cooperate with overseas partners," Jiang said.

Zhou Jiping, vice chairman of PetroChina, said he expected the global oil prices to remain high -- around 95 U.S. dollars a barrel in the second half of this year.

Last month, the Research Institute of the Boao Forum for Asia ranked PetroChina first in a competitiveness report of listed Asian enterprises with relatively high indexes on basic competency capacity, development capacity, profitability and anti-risk capacity.

Net profits of PetroChina, the country's largest oil producer, rose 13.9 percent from a year earlier to 37 billion yuan (5.68 billion U.S. dollars) in the first quarter, according to PetroChina's annual report in April.
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