PetroChina
to sell stakes in projects
The
world's second biggest publicly traded oil company, PetroChina, aims to cut
capital expenditure and improve its cash flow by selling minority stakes in its
projects. Although it did not specify the amount of stake it will be selling,
the firm said that capital raised from partners will both fund overseas
acquisitions and also cut the firm's capital expenditure and debt ratio. The
first stakes to be offered for sale will be in difficult-to-develop oil reserves,
along with oil and gas fields in decline, according to Chinese State run media.
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