PetroChina Ready to Acquire CNODC

BEIJING, Aug 29, 2008 (SinoCast via COMTEX) -- PTR | Quote | Chart | News | PowerRating -- PetroChina Company Limited (SHSE: 601857, SEHK: 0857 and NYSE: PTR | Quote | Chart | News | PowerRating) Vice Chairman and President Zhou Jiping reveals that the petroleum giant has rich capital reserves to acquire equities of China National Oil and Gas Exploration and Development Corporation (CNODC).

Zhou Jiping says PetroChina already has a 50% stake in CNODC, and it is brewing acquiring the rest, but no timetable is available for the acquisition.

As to the rampant talks that PetroChina needs to raise funds from the Chinese Mainland stock market to complete the deal, he points out that the company has enough financing channels.

China National Petroleum Corporation (CNPC) has applied to the Ministry of Finance (MOF) for an exemption of income taxes from the equity sale.

On August 27, 2008, PetroChina announced another acquisition plan to buy a 51.89% stake in CNPC (Hong Kong) Limited from parent for CNY 7.5 billion. In 2008, the company plans to pour more than CNY 200 billion in upstream prospecting business.

From dycj.ynet.com, Page 1, Thursday, August 28, 2008 info@SinoCast.Com

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