China plans to restructure Petro China - China signs $70 billion oil deal with Iran
Chinese officials hope to raise fresh capital from foreign investment by beefing up PetroChina's international operations, a newspaper reported.
Petro China, whose shares are listed in both New York and Hong Kong, would buy CNPC's overseas assets for five billion dollars.
It will pick up production or exploration rights in Kazakhstan, Venezuela, Sudan, Iraq, Iran, Peru and Azerbaijan to add to its Indonesian production, it added.
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China signs $70 billion oil and LNG agreement with Iran
China has just signed a $70 billion oil and LNG agreement with Iran. Excerpt from today's Daily Star in Malaysia:
"State oil giant Sinopec Group has signed a $70 billion oil field development and liquefied natural gas agreement with Iran, China's biggest energy deal with the No. 2 OPEC producer, an Iranian official said Friday.