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PTR investors set to benefit

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cash_4 August 16, 2013 (Chinavestor) Chinese environment and PTR investors set to benefit

China averages 5.7 million barrels of net oil imports a day, closing the gap on the US who has maintained a domineering stance when it comes to their dependence on foreign oil. Foreign policy in countries which China has heavily invested in will likely see further imports in the coming years. The US is becoming less reliant on foreign imports; due to increase in domestic reserves and new found shale reserves. China imported on average 5.7 m b/d of oil in 2012 whilst the US has declined from 10 m b/d in 2007 to approximately 7 m b/d in 2012. We expect China to overtake the US in net oil imports in 2013, with Petrochina central to upstream activities concerned with China.

 

Fig 15 - Petrochina; China to overtake US in net oil imports

PTR_2013Q1_15

The Chinese economy is tending towards a cleaner environment, making the use of natural gas central to PRC and NDRC discussions and impositions. With Petrochina dominant with Natural gas distribution, we should expect their share price and financials to improve as China’s Natural Gas consumption rates increase.


Fig 16 - Petrochina; Natural Gas Consumption to increase implying gains for PTR

PTR_2013Q1_16

 

China is keen to be the supreme producer of cars worldwide, which would also increase the number of cars in China which run on natural gas. For taxi drivers in rural provinces, the switch to a natural gas engine may be a costly initial procedure, however they would recoup the money spent within 8 months. From their onwards, a significant portion of their income would be spent on refuelling their natural gas vehicles, which would not be the case if they had continued with their oil injection engines. The estimates of mass car production will inevitably affect the way PTR performs. As their consumption increases, we would expect significant improvements in their share price performance.


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