CNPC TO GAIN 70% STAKE IN UNITED OIL
AsiaInfo Services, March, 2007
AsiaInfo Services 03-21-2007 CNPC to Gain 70% Stake in United Oil BEIJING, Mar 21, 2007 (SinoCast via COMTEX) -- PetroChina Company Limited (HKSE: 0857) will sell its 70% stake in China National United Oil Corporation to its parent, China National Petroleum Corporation (CNPC), a leader in oil and natural gas business, for CNY 1.01 billion. The listed company can earn CNY 117 million from this deal, which will be used to expand its core business. Analysts point out that the behavior means that PetroChina has perfected its own export and import ability and the competitive relationship with SinoChem Corporation, one of China's four largest oil companies, tends to be more lucid. The United Oil is 70-30 joint venture by PetroChina and SinoChem and becomes one of the...
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