PetroChina mulls $10b Russian gas investment

PetroChina (PTR.NYSE, 601857.SHA, 0857.HKG) is scouting for stakes in Russian gas fields worth up to US$10 billion, South China Morning Post reported, citing four people with knowledge of the matter. The publicly traded unit of state-owned China National Petroleum Corp. is interested in taking a minority share of eastern Siberian gas fields operated by Gazprom and Rosneft, said three of the unnamed sources. Gas-supply talks between Russia and China started in 2004 and have dragged on as the countries disagreed over price. Two people familiar with Gazprom’s thinking said the firm would be reluctant to sell stakes in its eastern Siberian fields.