CNPC DENIES ISSUING A SHARES RECENTLY
AsiaInfo Services, July, 2004
AsiaInfo Services 07-27-2004 CNPC Denies Issuing A Shares Recently BEIJING, Jul 27, 2004 (SinoCast via COMTEX) -- China National Petroleum Corporation (CNPC), China's major oil company, is rumored to issue A shares in domestic market recently. But CNPC denied it. According the rumor, CNPC is planning to issue 10 billion A shares in September, so as to raise a fund of CNY 30 billion toCNY 40 billion.
But it is not certain that what CNPC will use the fund for. CNPC's 2003 annual report showed that its net profits in 2003 was CNY 69.6 billion, but early this year, CNPCwas said to undertake the whole West-East Natural Gas Transportation Project independently, if Shell Group, ExxonMobil Oil Corporation and Gazprom, three leading international oil companies, stop the...
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