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March 31, 2017

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PetroChina to study participating in Aramco’s IPO

PETROCHINA will consider taking part in national oil giant Saudi Aramco’s initial public offering based on market conditions, it said yesterday, the second Chinese oil major to discuss becoming an investor this week.

“Saudi Aramco has raised this plan to PetroChina,” President and Vice Chairman Wang Dongjin said yesterday at a briefing following the announcement of China’s largest oil and gas producer’s 2016 results.

“I think we will make our evaluation and study based on the market situation,” Wang said.

On Monday, Sinopec said the Aramco president had visited the firm and both sides would have talks on the IPO, which is expected to be the world’s largest equity sale.

Wang said PetroChina was also in talks with Aramco on its Yunnan Petrochemical plant and about the possibility of supplying its enhanced oil recovery technology to Saudi oilfields.


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