CNPC (HK) looks to Central Asia fields
Red chip CNPC (Hong Kong) may take part in the mainland's multibillion-dollar oil project in Kazakhstan.
Chairman Zhang Ruchun said the company was studying new potential investments, locally and abroad, including Kazakhstan.
He would not comment on market speculation the company was planning to make at least one new investment every year.
Its parent, China National Petroleum Corp, which has a monopoly over the mainland's on-shore exploration and development, needs to raise capital for its investments, including those in Kazakhstan.
Last year the mainland and Kazakhstan signed oil deals worth nearly US$9.5 billion for projects that include building a 3,000-kilometre oil pipeline between the two countries.
The parent is intent on exploiting stock markets to meet its huge funding needs, with plans to list three A-share and two B-share companies.
This policy would not affect the development of CNPC (Hong Kong), Mr Zhang said.
The actual and planned listed vehicles only represented a fraction of the parent's business, he said.
The Xinjiang Karamay oilfield, in which the red chip has a 54 per cent production sharing interest, generated an estimated 600,000 tonnes of crude oil last year.
