China's CNPC plans to invest at least $2B in Peru after Petrobras deal

|By:, SA News Editor

China National Petroleum (PTR) plans to invest at least $2B in Peru over the next 10 years after having recently bought Petrobras' (PBR) assets in the country, the head of CNPC's Latin American division tells Reuters.

Peru already has approved an environmental permit allowing CNPC to conduct $1B of exploratory work in a natural gas block purchased from PBR, and China's top oil producer is eyeing a $4B gas pipeline project in southern Peru.

CNPC has expanded is presence in Latin America over recent years with operations in Colombia, Ecuador, Cuba, Brazil, Costa Rica and Venezuela.