By Wang Ying
Nov. 8 (Bloomberg) -- PetroChina Co., Asia's biggest oil producer, will maintain its pace of capital spending next year at 2008 levels.
Expenditure in 2009 ``won't decrease or increase,'' Chairman Jiang Jiemin said on the sidelines of an energy conference in Beijing today.
PetroChina, the Hong Kong-listed unit of China National Petroleum Corp., will spend a higher proportion of its investment on its ``core business'' next year, Jiang said on Oct. 21, without giving details. Capital expenditure for 2008 will remain unchanged at 207.9 billion yuan ($30.5 billion), Jiang said then.
The oil producer is also studying the possibility of acquiring energy companies made vulnerable by the global credit crisis to expand output and meet rising fuel demand in China.
``The financial crisis hasn't yet bottomed out,'' Jiang said today, when asked if PetroChina has decided on acquisition targets.
To contact the reporter on this story: Wang Ying in Beijing at ywang30@bloomberg.net.
Posts
No comments:
Post a Comment