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China National Petroleum to sell $3.8B of engineering assets to listed unit

Sep. 09, 2016 12:25 PM ETPetroChina Company Limited (PCCYF) StockPCCYFBy: Carl Surran, SA News Editor
  • PetroChina (PTR -2.4%) parent China National Petroleum will sell $3.8B worth of engineering related assets to listed arm Xinjiang Dushanzi Tianli High & NewTech as part of the group's push to restructure its non-core business.
  • CNPC aims to raise up to 6B yuan ($898M) in a private placement of shares to help fund the acquisition.
  • CNPC said last week it will sell $11.3B worth of financial assets to another listed arm, Jinan Diesel Engine.

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