PetroChina's Expansion Projects Given State Environmental Approval
Posted on: Wednesday, 19 September 2007, 09:01 CDT
PetroChina, the listed arm of oil producer China National Petroleum Corporation, has received approval from the State Environmental Protection Administration to fund its planned oil and petrochemical expansion projects through a domestic share issue, Reuters has reported.
According to a statement released by the State Environmental Protection Administration (SEPA), the company plans to fund six projects with proceeds raised through a domestic stock offering. The projects include a refinery and an ethylene complex in the northwestern region of Xinjiang, according to SEPA.
Reuters reported that the company plans to raise an estimated $5 billion to $6 billion through an IPO in Shanghai that may take place in November, the proceeds of which would be used towards increasing capacity at the Daqing and Changing oilfields, developing the Jidong Nanpu field and constructing a refined fuel pipeline linking Lanzhou with Changsha.
Source: Datamonitor
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