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PetroChina plans to seek US$14.7b via debt

PETROCHINA Co planned to raise 100 billion yuan (US$14.7 billion) via debt financing this year, the company said in a statement late yesterday to the Shanghai and Hong Kong stock exchanges.

The financing plan was approved at the annual shareholders meeting held yesterday. The proceeds will support major strategic projects such as oil exploration and development in northwestern basins, oil-refining business, a natural-gas pipeline between central Asian countries and China as well as a crude-oil pipeline between China and Russia, according to PetroChina.

The company would also focus on overseas expansion this year, as falling oil prices on the international market have presented a rare chance to broaden its horizon, PetroChina President Zhou Jiping said at the meeting.

The oil producer would strengthen cooperation with both resources-rich countries such as Kazakhstan, Qatar and Venezuela and oil giants such as Exxonmobile, BP and Shell, Zhou said.

PetroChina Chairman Jiang Jiemin yesterday said his company and PDVSA, the national oil company of Venezuela, have established a joint venture on oil exploration and development. PetroChina held 40 percent of the new company's shares.

According to Jiang, a joint venture transporting oil and two joint refineries will also be established.


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