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PetroChina needs $22 bln in financing for 2009

PetroChina, the world's second-most valuable oil and gas producer

PetroChina needs $22 bln in financing for 2009 PetroChina needs $22 bln in financing for 2009


PetroChina, the world's second-most valuable oil and gas producer after Exxon Mobil, on Wednesday said it would need 150 billion yuan ($21.99 billion) to finance its operations and investment activities in 2009.
PetroChina, Asia's top oil and gas producer, said it expected to pay 84.2 billion yuan in taxes for its refined products in 2009, up 71 billion yuan from the year before, according to documents from its shareholders meeting filed to the Shanghai stock exchange.
PetroChina posted a 35.3 percent fall in quarterly earnings on April 27, its worst result in two years, as a steep drop in oil prices battered margins.
Some analysts say the outlook for PetroChina — the largest of China's energy triumvirate that includes top Asian refiner Sinopec Corp and offshore specialist CNOOC Ltd — remains grim, with crude prices likely to stay weak this year as the economic downturn and ample inventories combine to choke off demand.

 

Source : guardian