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Chen Geng says that CNPC does not buy Yukos
Chen Geng said: "The news that Yukos Oil's subsidiaries will auction is also seen in the newspaper. It is reported that PetroChina will participate in the bid. I will tell you clearly that CNPC did not plan to participate in and did not study this." According to 21st Century Business Herald News, on August 26th, Chen Geng, General Manager of China National Petroleum Corporation and Chairman of China National Petroleum Corporation (085..hk) held a performance press conference in Hong Kong. Thanks to the high oil prices, PetroChina's shares have made great achievements. In the first half of the year, its net profit reached 45,100 million yuan, an increase of 17.3%. It was second only to HSBC Holdings (005.hk), which had a net profit of 49.4 billion Hong Kong dollars in the first half of this year, becoming the most profitable in Hong Kong. Listed company runner-up. The industry expects that high oil prices will continue in the second half of this year, and that CNPC’s full-year earnings will challenge the 100 billion yuan mark, again threatening HSBC's championship status (Petro has made a championship in 2002). When this reporter asked whether CNPC had plans to participate in Russia’s Yukos Oil or its subsidiaries, Chen Geng said: “The news that Yukos Oil’s companies (core company Yugansk Oil & Gas Company) will auction is also from the newspaper. It is reported that PetroChina will participate in the bidding. I specifically tell you that CNPC did not plan to participate in and did not study this.†Chen Geng said that the crude oil trade between PetroChina and Yukos is not affected by the possible dissolution of Yukos and the change in equity. Impact of the incident. “Our crude oil trade with Yukos has progressed smoothly. We have proceeded as scheduled in the first half of the year. The plan for the second half of the year has been discussed. The two sides stated that they will conduct normal trade in accordance with the original agreement. This agreement was signed by the energy commissions of the Chinese and Russian governments. On the whole, there will be no problems in implementing the agreement.†Now, CNPC imports 400,000 barrels of crude oil from Russia each day, which accounts for about 7% of the national consumption. Chen Geng said that the issue of sustainable development of China's oil and gas industry has been given special attention by Premier Wen Jiabao. “Since May of this year, Premier Wen Jiabao has organized a three-year study on China’s strategy for sustainable development of oil and gas resources. As China’s largest oil and gas company, we must, of course, strive to provide more oil and gas for the country. We must first strengthen our exploration work in China. Continue to maintain rapid growth in oil and gas reserves; the second is to go global and further expand the development of overseas businesses.†CNPC needs to further expand its overseas business, and participating in bidding for Yukos companies is a great opportunity. Why is CNPC not interested? Is it related to past experience? Chen Gengton paused and said with a smile: “No comment.†The successive setbacks of CNPC in Russia did not affect its determination to go global, and CNPC’s progress in Kazakhstan has been smooth. Chen Geng said at the meeting: “When Kazakhstan’s prime minister visited China on May 17, CNPC and Kazakhstan Petroleum signed a contract to build a Sino-Kazakh crude oil pipeline. The preliminary preparations for the design, tendering, and formation of a limited liability company were very smooth. The construction will begin formally on September 28. It is expected to be completed by the end of next year.†The China-Kazakhstan pipeline was originally scheduled to start in August and is now slightly delayed. The completion time is earlier than expected. The industry estimates that the pipeline will be completed in 2006. The second section of the China-Kazakhstan crude oil pipeline, Atasu-Alashankou, has a total length of 1,240 kilometers and an investment of approximately US$1.5 billion. China and Kazakhstan each account for 50% of the total. The initial pipeline volume is expected to reach 10 million tons per year, and thereafter Gradually increased to 20 million tons.