China’s largest oil producer is set to join forces with Exxon, BP, Shell, Eni and Chevron on overseas projects.
Hard at work - PetroChina construction team Image: PetroChina |
As part of an ongoing expansion policy, PetroChina Co is looking to increase cooperation other global oil companies. Company Chairman Zhou Jiping told reporters the state-owned giant would be teaming up with foreign majors like ExxonMobil, BP, Shell Eni and Chevron for acquisitions or joint exploration activities.
Despite sliding first quarter profits, PetroChina has announced plans to spend around $7bn globally on foreign assets.
PetroChina, which is wholly-owned by its parent China National Petroleum Corp (CNPC plans to invest at least $60bn this decade in foreign oil and gas assets, increasing its overseas output to about half of its total.
Zhou Jiping was appointed as Chairman in April after Jiang Jiemin became the minister of China’s state-owned enterprises supervisor.