Home | News    Thursday 21 April 2005

CNPC will not inject Sudan into PetroChina-source

separation
increase
decrease
separation
separation

SINGAPORE, April 20 (Reuters) - China National Petroleum Corp (CNPC) will leave its oilfields in politically risky Sudan out of the assets it plans to inject into its flagship listed unit PetroChina , a source close to the plan said.

The Sudanese assets accounted for more than half of the portfolio’s 12.88 million tonnes of output in 2003, and according to Deutsche Bank, they account for 52 percent of CNPC’s overseas crude reserves of 1.76 billion barrels.

"The Sudanese assets are not expected to be included," the source, who asked not to be identified, told Reuters on Wednesday.

PetroChina , the country’s largest oil and gas producer, said last month it might buy multi-billion dollar overseas assets from its state-owned parent. But it did not give details.

PetroChina has few assets abroad, and its crude output is flagging in ageing oil fields. A purchase of all of CNPC’s overseas assets in one hit would have boosted PetroChina’s output by up to 15 percent.

Analysts have expressed concerns that an injection of CNPC’s Sudan assets would increase PetroChina’s risk profile.

A two-year old armed rebellion in Sudan has left 5.5 million people in need of food aid there, according to the United Nations, and the United States has been pushing for U.N. sanctions against its oil industry.

Deutsche Bank values all of CNPC’s overseas reserves in countries including Sudan, Kazakhstan, Indonesia and Venezuela, at $6.2 billion.

Buying all of them would have made PetroChina, already the world’s sixth largest listed oil firm by market value, into a player with large-scale hydrocarbon assets around the world, and daily oil and gas output close to 3 million barrels of oil equivalent (boe).

Before it took PetroChina public in 2000, CNPC had planned to include all of its overseas assets in the subsidiary. But it dropped the plan later due to worries that inclusion of assets like the Sudanese fields would hurt U.S. investors’ interest in its stock offer if it did so.

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article



The following ads are provided by Google. SudanTribune has no authority on it.



Sudan Tribune

Promote your Page too

Latest Comments & Analysis


False escape of Peter Biar Ajak from South Sudan to America 2020-08-07 15:58:45 By Steve Paterno In a dramatic fashion, Peter Biar Ajak, a South Sudanese political dissident, wrote an opinion article in World Street Journal (WSJ), published on July 23, 2020, the same day he (...)

How we can construct a shared vision for South Sudan’s future? 2020-08-01 09:21:58 David Nyuol Vincent To craft a shared vision for the future of South Sudan is difficult but not impossible. To surpass the perilous situation in which we are in now, we need to learn to (...)

Establish capable security force in Darfur 2020-08-01 07:43:40 By Mahmoud A. Suleiman The Darfur region is destined to continue bleeding. Those who believe in that openly say whether Omer Al-Bashir is still in the rule of Sudan or deposed, the region of (...)


MORE






Latest Press Releases


S. Korea supports UN communities building resilience project in Sudan’s Blue Nile 2019-09-09 09:26:41 UNDP Sudan September 5, 2019 (KHARTOUM) - An agreement was signed on 5th of September between the Korean Ambassador, His Excellency. Lee Ki-Seong and Dr. Selva Ramachandran, Resident (...)

Sudanese lawyers and Human rights defenders back calls for civil rule 2019-04-26 10:22:06 Press statement by 55 Sudanese lawyers and Human rights defenders on Sudan Sit-in and Peaceful Protest Khartoum -24/04/2019 We, the undersigned (55) Sudanese lawyers and human rights defenders, (...)

South Sudan’s Lafon youth condemn killings of civilians by Pari community 2019-04-03 21:54:29 Press Statement on the Fighting between Pari/ Pacidi and Lotuko/Lokiri on 24/3/2019 Release by The Lafon County Youth Union: We, the Lafon County Youth Union hereby condemn the atrocities and (...)


MORE

Copyright © 2003-2020 SudanTribune - All rights reserved.