Oil group to buy back listed units

PetroChina will spend at least US$760 million to buy out minority stakes in its three listed units to help streamline its structure, Reuters reported. Shares will be bought in Jilin Chemical Industrial Co Ltd, Jinzhou Petrochemical Co Ltd and Liaohe Jinma Oilfield Co Ltd to take the units private.The move comes after PetroChina agreed to form a 50-50 joint venture with its parent, China National Petroleum Corp to manage most of their overseas oil and gas assets.