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PetroChina spends $1.4b in parent finance unit
(Agencies)
Updated: 2010-03-26 11:42
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PetroChina Co will spend 9.62 billion yuan ($1.41 billion) to raise its stake and increase the capital in the parent's finance unit to facilitate funding as China's biggest oil company accelerates overseas acquisitions.
The shareholding in China Petroleum Finance Co, majority owned by parent China National Petroleum Corp, will be increased to 49 percent from 7.5 percent, according to a statement filed to the Hong Kong stock exchange today. The Beijing-based company will also inject 7.18 billion yuan into the capital reserves of China Petroleum Finance, it said.
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The transaction will allow PetroChina to tap into the financial services and benefits of China Petroleum Finance, the company said.
PetroChina's 2009 net income declined to 103.4 billion yuan from a restated 114.5 billion yuan in 2008, the company reported yesterday. The drop was caused by lower oil prices, it said.
