CNPC ‘eyes PetroChina asset move’

China National Petroleum Corporation (CNPC) is set to inject some of its overseas assets into its listed unit, PetroChina, according to reports.

The China Business News , citing unnamed sources, said CNPC, PetroChina’s parent company, may gradually inject some “non-sensitive” overseas assets into PetroChina, but did not specify the timetable or the nature and size of these assets. The group’s oil output overseas came to 62.2 million tonnes (1.25 million barrels per day) in 2008, with its natural gas output at 6.73 billion cubic metres, the report said, without providing comparative figures. While it continues to focus on slashing its operating cost, PetroChina has no plans to cut its capital expenditure this year from its 2008 level of roughly 200 billion yuan ($29.27 billion), it added.

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