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Sale of notes to boost cash flow

PETROCHINA Co, the nation's biggest oil and gas explorer, plans to sell 15 billion yuan (US$2.2 billion) worth of three-year medium-term notes to boost its cash flow.

An increase in the company's windfall tax payments last year raised the need to expand cash flow, PetroChina said in a statement posted on the Chinabond Website yesterday. The sale is the last batch of a planned 30-billion-yuan note issuance after the first was sold in January, it said.

China taxes oil producers' revenue from crude oil sold for more than US$40 a barrel, according to Bloomberg News. Benchmark crude oil prices in New York averaged US$99.75 last year.

"The company's refining cost last year increased noticeably from the 2007 level because of the relatively large increase in crude purchasing prices," PetroChina said in the Chinabond statement.


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