China National Petroleum Corporation
From Wikipedia, the free encyclopedia
The China National Petroleum Corporation is a state-owned fuel-producing corporation in the People's Republic of China. It is China's largest integrated oil and gas company.
CNPC holds proved reserves of 3.7 billion barrels of oil equivalent. CNPC spun off most of its domestic assets into a separate company, PetroChina, during a restructuring. CNPC has 30 international exploration and production projects with operations in Azerbaijan, Canada, Indonesia, Myanmar, Oman, Peru, Sudan, Thailand, Turkmenistan, and Venezuela.
In October 2004, CNPC began construction of a pipeline from Middle East to Xinjiang.
In August 2005 it was announced that CNPC agreed to buy PetroKazakhstan for US$4.18 billion. This would be the largest overseas acquisition by a Chinese company. The acquisition was successfully completed 26 October 2005 after a Canadian court turned down an attempt by LUKoil to block the sale.[1]
A common shortname for the corporation in Chinese, Zhongguo Shiyou (中國石油), shares the same name as the Chinese Petroleum Corporation, the Republic of China (Taiwan)'s state-owned fuel corporation.
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[edit] Development of the Aral Sea
Ergash Shaismatov, the Deputy Prime Minister of Uzbekistan, announced on August 30, 2006 that the Uzbek government and an international consortium consisting of state-run Uzbekneftegaz, China National Petroleum Corporation, LUKoil Overseas, Petronas, and Korea National Oil Corporation signed a production sharing agreement to explore and develop oil and gas fields in the Aral Sea, saying, “The Aral Sea is largely unknown, but it holds a lot of promise in terms of finding oil and gas. There is risk of course but we believe in the success of this unique project." The consortium was created in September 2005.[1]
