Wed, Aug. 24, 7:47 AM
Aug. 19, 2014, 3:13 AM
- PetroChina (NYSE:PTR) is re-evaluating its multi-billion-dollar push for LNG production, due to the rising cost of the gas and China's slower growth rate that has reduced demand.
- An anti-corruption probe of PetroChina's top executives also adds to the uncertainty of the company's business strategy.
- PetroChina shut two loss-making gas liquefaction plants in the past month, with neither plant having a clear restart date.
Jul. 25, 2014, 6:45 AM
- PetroChina (NYSE:PTR) is having second thoughts of auctioning off its multi-billion dollar Eastern Pipelines division, and may now sell it to an affiliate - United Pipelines. Eastern Pipelines' NAV is valued at an estimated $4.7B-$6.3B.
- The move would allow the gas giant to retain control over the national gas grid as well as raise cash to fund oil and gas exploration. However, the new decision would put a setback on the government's plans to open up the state-dominated energy sector to domestic private investors.