PetroChina seeks acquisitions overseas

PetroChina (PTR.NYSE, 601857.SH, 0857.HKG), China’s largest oil producer, said it is actively seeking acquisitions in central Asia, East Africa, Australia and Canada to meet the growing domestic demand for energy and increase its international presence, The Wall Street Journal reported. The company also reported a 6% year-on-year decline in its net profit for the first six months to US$9.76 billion due to losses in its refining and chemicals business. PetroChina Vice-Chairman and President Zhou Jiping said the company plans to allocate US$15.74 billion to overseas projects and boost overseas oil-and-gas production to half of its total output in the next five to eight years. “Internationalization is a very important long-term strategy for our company. We remain very committed to expand our presence overseas,” Zhou said.