PetroChina Ends 6 Projects With Losses Of 1.2B Yuan


August 22 – CNPC Great Wall Drilling Company, a subsidiary of PetroChina (601857,0857.HK), cancelled six overseas projects in light of political turmoil in Libya and the Middle East and expects to incur a 1.2 billion yuan loss as a result, reports the Securities Daily.

Great Wall Drilling recorded total revenue of 16.8 billion yuan in 2010, of which 7.5 billion yuan came from the overseas market. Despite the termination of its projects in the Arab world, Great Wall Drilling had won $994 million worth of overseas contracts by the end of August 15.

According to material released by China Petroleum and Chemical Industry Federation, PetroChina, Sinopec (600028,0386.HK) and CNOOC (0883.HK) acquired $30 billion worth of overseas projects in 2010, accounting for 20 percent of the total oilfield acquisition value in the world.



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