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PetroChina to increase investment in oil, gas

(Xinhua)
Updated: 2008-10-21 23:06

BEIJING - PetroChina Company Limited will increase its investment in its oil and gas business from 60 to 70 percent in 2009, said company chairman Jiang Jiemin on Tuesday.

PetroChina's losses during the global financial crisis are "limited and under control", Jiang told reporters after a shareholders meeting. He said it's because the company has focused the majority of its business on oil and gas production and exploration in the past few years.

According to Jiang, PetroChina may adjust its investment structure but will continue to strengthen its core business as oil and gas projects are to last generally six to eight years.

PetroChina's investment in 2009 will focus on finding more oil and gas resources.

Jiang said PetroChina is also studying the possibility of acquiring energy companies made vulnerable by the global credit crisis both in the capital market and the resources market.

PetroChina's assets are good and the company has no difficulty finding financing, said Jiang.

He added that the company's assets-liabilities ratio is less than 30 percent, much lower than that of international counterparts such as BP and Shell.

The investment plan for this year, which was approved at the shareholder's meeting, will not be adjusted in order to avert risks, Jiang said.

Current international crude prices will bring profits to PetroChina's refining sector. US$75 per barrel will be good for the company to maintain a healthy and stable profit level, said Jiang.

Soaring crude prices and domestic fuel price caps cost PetroChina 59 billion yuan (US$8.63 billion) in the oil refining and sales sectors in the first half of the year. Compared to the same period last year, the company made nearly 4 billion yuan in profit.

International crude prices fluctuated wildly amid worries of a widespread credit crisis and reduced demand for oil. For example, benchmark oil prices in New York falling about 50 percent from a record US$147.27 per barrel on July 11.

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