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PetroChina To Remain On The Hunt For Buys

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price_1 August 27, 2010 (Chinavestor) PetroChina (NYSE:PTR), China's largest oil company, fresh off a first-half earnings report that saw the company's profit growth lag that of key rivals, said it will continue looking for international acquisitions and seek partnerships with other energy producers in an effort to step up production and secure more resources.

PetroChina (NYSE:PTR) President Zhou Jiping told investors that his company will continue to expand on a global basis. Earlier this year, the company approached BP (NYSE:BP) about acquiring some of the British oil giant's assets, but PetroChina (NYSE:PTR) was rebuffed.

Analysts said PetroChina (NYSE:PTR) has about $20 billion in cash it can devote to purchases. The company has previously said it would spend $60 billion on acquisitions over the next decade.

Zhou said PetroChina (NYSE:PTR) will look to create partnerships with national oil companies in countries such as Venezuela, Russia, Iraq, Kazakhstan, Chad and Niger. The company also said it is interested in working with Western oil giants such as BP (NYSE:BP), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM) and Royal Dutch Shell (NYSE:RDS-A).

 



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