CNPC to Sign Deals Worth USD20 Billion to Expand Energy Imports From US, Diversify Energy Supply
Yicai Global
/SOURCE : Yicai

(Yicai Global) May 15 -- China National Petroleum Corporation will sign contracts worth USD20 billion in the next two days to import more crude oil and natural gas from the US and other countries, and get involved in Asia's fast-growing liquefied gas market, said Chairman Wang Yilin.

The deals include CNPC's oil refinery in China's southwestern Yunnan province, built in collaboration with Saudi Arabian Oil Company; a USD4 billion natural-gas project in Azerbaijan; a gas storage and power plant with Russia's Gazprom PJSC [MCX:GAZP] and a geothermal power project in Kenya, the Hong Kong Economic Journal reported today, citing information from the state-owned oil and gas corporation.

China hopes to increase energy imports from the US, which boasts rich oil and gas resources, to help diversify the country's energy supply, Wang added.

As well as bumping up American imports, CNPC has built a preliminary oil and gas supply network linking China with other foreign countries. It has built infrastructure and oil and gas transport channels in central Asia, between China and Russia, between China and Myanmar, and offshore, covering the nation's north-west, north-east, south-west and eastern regions, said Wang Dongjin, deputy general manager at CNPC, on May 8. The network benefits several nations, he added.

CNPC is the parent company of listed PetroChina Co. [NYSE:PTR].

Follow Yicai Global on
Keywords: US , PetroChina