December 22, 2024

PetroChina 600 billion project seeks private partners

Yesterday, CNPC learned from CNPC that CNPC has 119 projects at home and abroad involved in exploration and development, oil refining, chemical industry, sales of refined oil, etc., and is opening up to private enterprises. It hopes to introduce private capital of no less than 200 billion yuan.
Earlier, China introduced the "new 36" of private capital investment, and the most sensitive areas such as oil exploration are open to private enterprises. This move means that as the largest oil and gas giant in China, CNPC has taken the lead in extending an olive branch to private enterprises.
PetroChina took out 119 projects involving both domestic and foreign. The total investment of the project is nearly 600 billion yuan. China National Petroleum Corporation hopes to introduce private capital with an investment of no less than 200 billion yuan. The specific project scale will be over 100 million yuan. This move means that PetroChina will have absolute control over most of the projects and thus control the overall status of the project.
PetroChina said that the 600 billion yuan project was aimed at opening up the country’s private capital and it was the first to approach local companies in Zhejiang because of the strong local funds and the intention to solicit the opinions of private funds on these projects.
In addition, after CNPC took the lead in opening the door to private capital, yesterday, stakeholders of the Sinopec Group stated that the group has been cooperating with parties including the private sector. After the “new 36” was issued, the group is also studying the current cooperation details. In the process of research.
Corporate response: The fear of being eaten by private enterprises coincides with the fact that when PetroChina announced this news, many heads of private oil companies were gathering in Rizhao, Shandong Province to participate in the 2010 Annual Meeting of the China National Petroleum Council's (CPC) Committee forum.
Zhao Youshan, head of China Merchants Petroleum Corporation, believes that private oil companies are most interested in the circulation of refined oil products in the field of open petroleum. These areas are the strengths of private enterprises. In addition, in the areas of exploration and opening, private enterprises are almost absent. The ability to participate because of huge investment and huge risks.
Lin Xi, chairman of Zhejiang Ninghai Yanshidongnan Petrochemical Co., Ltd., expressed the concern of most private enterprises. He said: “Interest is interested, but they are too small to be eaten by PetroChina.” The reason why he said that he was private Because of limited funds, the enterprise is definitely a minority shareholder in the joint venture company. Once the joint venture company loses money in previous years, private enterprises will be eaten.
Expert opinion: Better experts in PetroChina's holding model stated that petroleum and petrochemical projects, especially overseas exploration and development projects, not only require huge amounts of capital, but more importantly require very professional technical and project operation capabilities. PetroChina has extensive experience in controlling and privately-owned enterprises. It is undoubtedly the best mode of operation for companies to participate in sharing profits. The participation of private enterprises not only increases the financial strength of the project, but more importantly, the private people will be able to share their rights and interests, so as to completely solve the problem of kinks.
Lang Xiaolei, a senior lecturer at China National Chemical Corporation, said that overseas oil and gas exploration will be a good way to solve the problem of oil sources in private oil enterprises, but there have been few moves over the years, and private enterprises can jointly expand their right to speak.

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