Citic Resources puts up cash for development

PUBLISHED : Tuesday, 29 March, 2011, 12:00am
UPDATED : Tuesday, 29 March, 2011, 12:00am

Oil and metals producer Citic Resources Holdings has budgeted US$176 million this year for its share of the development of its 90 per cent-held Yuedong offshore oilfield northern China, said chief executive Zeng Chen. It has also set aside US$60 million for its half-stake in the Karazhanbas oilfield in Kazakhstan, and US$20 million on its 51 per cent-held Seram Island in Indonesia. A delay in Yuedong's development last year due to freezing weather meant an annual peak output of 1.5 million tonnes would not be reached until 2015. Previously, Citic planned a peak output of 1.8 million tonnes for the field in 2014.