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PetroChina eyes joint work for resources
Aggregated Source: Shanghai Daily: Business

PETROCHINA Co plans to boost cooperation with overseas refiners, including Exxon Mobil Corp, BP Plc and Royal Dutch Shell Plc, as it seeks overseas resources, the country's biggest oil and gas producer said yesterday.

It also plans to increase imports of natural gas this year due to surging demand, Zhou Jiping, PetroChina's chairman, said at a conference in Beijing yesterday.

The purpose of cooperation is to seek acquisitions or joint exploration activities, Bloomberg News reported, adding that the Beijing-based company will also work with Eni SpA and Chevron Corp.

PetroChina and its state-owned parent China National Petroleum Corp have said they planned to spend US$7 billion buying assets from Mozambique to Australia, according to Bloomberg News.

The supply of natural gas in China may reach 107 billion cubic meters this year, but that is unable to meet the expected demand of 115 billion cubic meters.

The company plans to invest at least US$60 billion this decade in global oil and natural gas assets to lift the share of overseas output to half of its total, PetroChina has said.

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