Rochester, NY 7/28/2009 9:39:01 PM
Petrochina co ads, PTR - Obtains Approval for Plan to Invest in Nippon Oil Corp.'s Osaka Refinery
PETROCHINA CO ADS
PETROCHINA CO ADS, PTR
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PetroChina Co. accept government approval to invest in Nippon Oil Corp.'s Osaka refinery, marking the nearing of another overseas refinery stake acquisition. The National Development and Reform Commission, China's top economic planner, said on its Web site that it had granted the approval, without providing further details.
PTR is expanding its presence in overseas refining from its core business in oil and gas production, said last month it completed the purchase of a 45.51% stake in Singapore Petroleum Co. for $1 billion. Singapore Petroleum has a 50% interest in Singapore Refining Co., which owns a 285,000 barrel-a-day refinery and is one of three major oil refiners in Singapore.
Nippon Oil said in February it expected to set up a joint venture with PetroChina to operate the 115,000-barrel-a-day refinery sometime after June, mainly targeting oil demand in China.
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