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PetroChina buys energy assets in Peru
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PetroChina will pay US$2.6 billion to acquire oil and gas interests in Peru, the company said yesterday, in China’s latest move to secure crucial energy supplies.
PetroChina, the listed unit of China’s biggest energy firm China National Petroleum Corp, will acquire a Peruvian subsidiary of Brazilian state-owned giant Petrobras, it said in a statement to the Hong Kong stock exchange yesterday.
The target company fully owns two oil and gas blocks in Peru and a 46 percent stake in a third, Petrochina said, adding that the deal would expand its operations in Latin America and promote development of its overseas business.
China is seeking oil, natural gas and other raw materials to keep the world’s second-largest economy moving. The country is also encouraging companies to acquire overseas assets to gain market access and international experience.
PetroChina’s parent CNPC and another energy giant, China National Offshore Oil Corp, last month each took a 10 percent stake in Brazil’s “Libra” field, alongside three other firms.
Before the Peruvian deal was announced, PetroChina closed 2.41 percent off in Hong Kong yesterday and fell 1.54 percent in Shanghai, where it is also listed.
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