SUDAN WATCH: China plans to restructure Petro China - China signs $70 billion oil deal with Iran

Saturday, October 30, 2004

China plans to restructure Petro China - China signs $70 billion oil deal with Iran

China plans to restructure its biggest oil producer Petro China and its parent China National Petroleum Group (CNPC) in a bid to create an oil giant capable of competing on the global stage.

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.

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