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January 1, 2011

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Sale to parent

PETROCHINA Co, the world's second-most valuable oil and gas producer, yesterday said it will sell its interest in an oil storage firm to its parent for 2.11 billion yuan (US$319.7 million) to optimize its asset structure.

The company had agreed to sell its entire interest in PetroChina Guangxi Oil Storage Ltd to China National Petroleum Corp, it said in a statement to the Hong Kong stock exchange. PetroChina said its initial investment for the 100 percent stake in Guangxi Oil Storage was 2.01 billion yuan.

 

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