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PetroChina plans to invest 400 billion yuan to expand overseas production

PetroChina plans to invest 400 billion yuan to expand overseas production

  • Categories:announcement
  • Author:
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  • Time of issue:2019-01-19 11:18
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(Summary description)PetroChina plans to invest $60 billion (about 400 billion yuan) to increase overseas oil and gas production to 200 million tons a year. According to the National Business Daily on May 22, Jiang Jiemin, chairman of PetroChina, said on May 20 that the company plans to invest $60 billion (400 billion yuan) to increase overseas oil and gas production to 200 million tons a year. Jiang Jiemin said PetroChina planned to inject most of its overseas operations into listed companies and that its deal to buy a 50 per cent stake in PetroChina Exploration from its group is still pending state approval. Although the recent drop in international oil prices, but Jiang Jiemin expects that this will not have a big impact on the company's first-half results. The overseas business will be injected into the listed company Jiang Jiemin said PetroChina would acquire a 50 per cent stake in the group's PetroChina Exploration unit in due course. PetroChina, which is 50 per cent owned by CNPC and CNPC, is dedicated to overseas business development. The deal is still subject to state approval and will eventually be cancelled if it is completed. In the future, CNPC hopes that the Middle East, Central Asia, Africa, Asia Pacific and America will become the five major overseas cooperation zones of CNPC, with an annual output of 200 million tons of overseas oil and gas, or about 4 million barrels per day, for which CNPC will invest 60 billion US dollars. PetroChina's exploratory crude oil production capacity is now 75 million tons per year. Jiang Jiemin said that the company is in the process of layout, mainly by the joint-stock company, will select a certain period and window, the PetroChina Exploration shares into the listed company. A PetroChina oil field project in Iran with an annual capacity of 1m tonnes, equivalent to about 20,000 barrels a day of crude oil, is scheduled to start production in late 2010, Mr Jiang said. A refinery with an annual processing capacity of 5 million tons is also planned for completion in Syria in 2010. We hope gas prices will be in line with the market as soon as possible Jiang said natural gas has become PetroChina's main business and the target is for natural gas to account for 50% of oil and gas equivalent in the next 10 years. The government has made it clear that it will gradually rationalize the gas pricing mechanism. "PetroChina has an advantage in natural gas, with pipelines accounting for 70-75 per cent of the country and gas sales for 70-78 per cent." Jiang Jiemin hopes that the price of natural gas can reflect the market demand and be in line with the market as soon as possible, so that the mechanism can be straightened out. However, the price of natural gas involves thousands of households and low-income groups, so the government will carefully study the price, and the company will adjust the price according to the decision and arrangement of the government. At the same time, PetroChina's coal-bed methane (CBM) business is also moving forward, with an annual production capacity of 4 billion cubic meters within five years, Jiang said. In shale gas development, CNPC is actively carrying out resource assessment and experimental area construction. Jiang Jiemin pointed out that Kunlun Energy and Kunlun Gas "two separate business, do not conflict." He explained that Kunlun Gas is the city gas and CNG as the main business, and the CNPC headquarters will coordinate. "There is the possibility of integration down the road. There is no timetable, no road map." The sharp drop in oil prices had little impact on earnings Jiang Jiemin said that the first half of the year has already gone through four months, the company's business performance in the first four months is good, and the international oil price corresponding to the company's performance in May and June is actually the oil price in April and May, the oil price at that time has not fallen sharply, so it has little impact on the company. As for the current changes in international oil prices, he said that the big ups and downs of oil prices are not normal, and he hopes that the crude oil price will remain at $70 to $80 per barrel. Jiang also commented on the pricing mechanism of refined oil products. He said the current system needed to be "improved" and that "22 working days are too transparent." "At present, the international crude oil price has fallen below $70 per barrel, and the government is under pressure under the current domestic price mechanism. Because people want to follow the mechanism to lower the price of refined oil products." "PetroChina will follow the government's mechanism and does not want the price of refined oil to fluctuate too much," Jiang said. Jiang Jiemin said the government will take into account the low - and middle-income families in cities when deciding whether to adjust fuel prices, and he hopes the prices can reflect the market and demand.

PetroChina plans to invest 400 billion yuan to expand overseas production

(Summary description)PetroChina plans to invest $60 billion (about 400 billion yuan) to increase overseas oil and gas production to 200 million tons a year.

According to the National Business Daily on May 22, Jiang Jiemin, chairman of PetroChina, said on May 20 that the company plans to invest $60 billion (400 billion yuan) to increase overseas oil and gas production to 200 million tons a year. Jiang Jiemin said PetroChina planned to inject most of its overseas operations into listed companies and that its deal to buy a 50 per cent stake in PetroChina Exploration from its group is still pending state approval.

Although the recent drop in international oil prices, but Jiang Jiemin expects that this will not have a big impact on the company's first-half results.

The overseas business will be injected into the listed company

Jiang Jiemin said PetroChina would acquire a 50 per cent stake in the group's PetroChina Exploration unit in due course.

PetroChina, which is 50 per cent owned by CNPC and CNPC, is dedicated to overseas business development. The deal is still subject to state approval and will eventually be cancelled if it is completed.

In the future, CNPC hopes that the Middle East, Central Asia, Africa, Asia Pacific and America will become the five major overseas cooperation zones of CNPC, with an annual output of 200 million tons of overseas oil and gas, or about 4 million barrels per day, for which CNPC will invest 60 billion US dollars. PetroChina's exploratory crude oil production capacity is now 75 million tons per year.

Jiang Jiemin said that the company is in the process of layout, mainly by the joint-stock company, will select a certain period and window, the PetroChina Exploration shares into the listed company.

A PetroChina oil field project in Iran with an annual capacity of 1m tonnes, equivalent to about 20,000 barrels a day of crude oil, is scheduled to start production in late 2010, Mr Jiang said. A refinery with an annual processing capacity of 5 million tons is also planned for completion in Syria in 2010.

We hope gas prices will be in line with the market as soon as possible

Jiang said natural gas has become PetroChina's main business and the target is for natural gas to account for 50% of oil and gas equivalent in the next 10 years. The government has made it clear that it will gradually rationalize the gas pricing mechanism. "PetroChina has an advantage in natural gas, with pipelines accounting for 70-75 per cent of the country and gas sales for 70-78 per cent."

Jiang Jiemin hopes that the price of natural gas can reflect the market demand and be in line with the market as soon as possible, so that the mechanism can be straightened out. However, the price of natural gas involves thousands of households and low-income groups, so the government will carefully study the price, and the company will adjust the price according to the decision and arrangement of the government.

At the same time, PetroChina's coal-bed methane (CBM) business is also moving forward, with an annual production capacity of 4 billion cubic meters within five years, Jiang said.

In shale gas development, CNPC is actively carrying out resource assessment and experimental area construction. Jiang Jiemin pointed out that Kunlun Energy and Kunlun Gas "two separate business, do not conflict." He explained that Kunlun Gas is the city gas and CNG as the main business, and the CNPC headquarters will coordinate. "There is the possibility of integration down the road. There is no timetable, no road map."

The sharp drop in oil prices had little impact on earnings

Jiang Jiemin said that the first half of the year has already gone through four months, the company's business performance in the first four months is good, and the international oil price corresponding to the company's performance in May and June is actually the oil price in April and May, the oil price at that time has not fallen sharply, so it has little impact on the company.

As for the current changes in international oil prices, he said that the big ups and downs of oil prices are not normal, and he hopes that the crude oil price will remain at $70 to $80 per barrel.

Jiang also commented on the pricing mechanism of refined oil products. He said the current system needed to be "improved" and that "22 working days are too transparent."

"At present, the international crude oil price has fallen below $70 per barrel, and the government is under pressure under the current domestic price mechanism. Because people want to follow the mechanism to lower the price of refined oil products." "PetroChina will follow the government's mechanism and does not want the price of refined oil to fluctuate too much," Jiang said.

Jiang Jiemin said the government will take into account the low - and middle-income families in cities when deciding whether to adjust fuel prices, and he hopes the prices can reflect the market and demand.


  • Categories:announcement
  • Author:
  • Origin:
  • Time of issue:2019-01-19 11:18
  • Views:
Information

PetroChina plans to invest $60 billion (about 400 billion yuan) to increase overseas oil and gas production to 200 million tons a year.

According to the National Business Daily on May 22, Jiang Jiemin, chairman of PetroChina, said on May 20 that the company plans to invest $60 billion (400 billion yuan) to increase overseas oil and gas production to 200 million tons a year. Jiang Jiemin said PetroChina planned to inject most of its overseas operations into listed companies and that its deal to buy a 50 per cent stake in PetroChina Exploration from its group is still pending state approval.

Although the recent drop in international oil prices, but Jiang Jiemin expects that this will not have a big impact on the company's first-half results.

The overseas business will be injected into the listed company

Jiang Jiemin said PetroChina would acquire a 50 per cent stake in the group's PetroChina Exploration unit in due course.

PetroChina, which is 50 per cent owned by CNPC and CNPC, is dedicated to overseas business development. The deal is still subject to state approval and will eventually be cancelled if it is completed.

In the future, CNPC hopes that the Middle East, Central Asia, Africa, Asia Pacific and America will become the five major overseas cooperation zones of CNPC, with an annual output of 200 million tons of overseas oil and gas, or about 4 million barrels per day, for which CNPC will invest 60 billion US dollars. PetroChina's exploratory crude oil production capacity is now 75 million tons per year.

Jiang Jiemin said that the company is in the process of layout, mainly by the joint-stock company, will select a certain period and window, the PetroChina Exploration shares into the listed company.

A PetroChina oil field project in Iran with an annual capacity of 1m tonnes, equivalent to about 20,000 barrels a day of crude oil, is scheduled to start production in late 2010, Mr Jiang said. A refinery with an annual processing capacity of 5 million tons is also planned for completion in Syria in 2010.

We hope gas prices will be in line with the market as soon as possible

Jiang said natural gas has become PetroChina's main business and the target is for natural gas to account for 50% of oil and gas equivalent in the next 10 years. The government has made it clear that it will gradually rationalize the gas pricing mechanism. "PetroChina has an advantage in natural gas, with pipelines accounting for 70-75 per cent of the country and gas sales for 70-78 per cent."

Jiang Jiemin hopes that the price of natural gas can reflect the market demand and be in line with the market as soon as possible, so that the mechanism can be straightened out. However, the price of natural gas involves thousands of households and low-income groups, so the government will carefully study the price, and the company will adjust the price according to the decision and arrangement of the government.

At the same time, PetroChina's coal-bed methane (CBM) business is also moving forward, with an annual production capacity of 4 billion cubic meters within five years, Jiang said.

In shale gas development, CNPC is actively carrying out resource assessment and experimental area construction. Jiang Jiemin pointed out that Kunlun Energy and Kunlun Gas "two separate business, do not conflict." He explained that Kunlun Gas is the city gas and CNG as the main business, and the CNPC headquarters will coordinate. "There is the possibility of integration down the road. There is no timetable, no road map."

The sharp drop in oil prices had little impact on earnings

Jiang Jiemin said that the first half of the year has already gone through four months, the company's business performance in the first four months is good, and the international oil price corresponding to the company's performance in May and June is actually the oil price in April and May, the oil price at that time has not fallen sharply, so it has little impact on the company.

As for the current changes in international oil prices, he said that the big ups and downs of oil prices are not normal, and he hopes that the crude oil price will remain at $70 to $80 per barrel.

Jiang also commented on the pricing mechanism of refined oil products. He said the current system needed to be "improved" and that "22 working days are too transparent."

"At present, the international crude oil price has fallen below $70 per barrel, and the government is under pressure under the current domestic price mechanism. Because people want to follow the mechanism to lower the price of refined oil products." "PetroChina will follow the government's mechanism and does not want the price of refined oil to fluctuate too much," Jiang said.

Jiang Jiemin said the government will take into account the low - and middle-income families in cities when deciding whether to adjust fuel prices, and he hopes the prices can reflect the market and demand.

Haerbin Dong’an Industry Co., Ltd.

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