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CNPC expands oil and gas business to 29 countries

(Xinhua)
Updated: 2009-01-25 15:40

The China National Petroleum Corporation (CNPC) had expanded its oil and gas businesses to 29 countries by the end of 2008, according to sources with the CNPC.

Currently 75 cooperative projects are underway in these countries, with five oil and gas cooperative zones being built in Central Asia, Africa, South America, the Middle East and the Asia-Pacific region, the sources said.

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In addition, CNPC has largely improved its international competitiveness in engineering and technological services. By the end of 2008, CNPC had offered engineering and technological services in 44 countries and regions, and exported materials and equipment to 69 countries and regions.

At present CNPC has 526 engineering and technological service teams especially for overseas businesses.

Wang Dongjin, deputy general manager of CNPC, said that dampened by the international financial crisis, oil price has dropped dramatically and oil demand in the international market shrunk considerably, posing new challenges to CNPC's development of international business.

He said in 2009 CNPC will pay attention to overseas oil and gas prospecting and exploitation, and focus on the development of large oil and gas projects.