PetroChina to invest further in natural gas
PetroChina Co. Ltd has increased its natural gas exploitation and overseas gas project cooperation in an effort to integrate the gas business into its strategic business portfolio.
According to Li Hualin, Vice President of the company, natural gas will account for 10% of China's primary energy consumption by 2020, compared to the current 3.8%.
Li Estimates that China's natural gas demand will hit 105 billion m3 this year, reach 150 billion m3 by 2012, and further advance to 220 billion m3 by 2015.
In 2009, PetroChina sold 59.6 billion m3 of natural gas, up 16.8% y/y. The natural gas business yielded a profit of 19.05 billion yuan (US$ 2.8 billion) in 2009, an increase of 18.6% y/y.
Last year, PetroChina completed two gas pipeline projects - the central Asia natural gas pipeline and the second West-to-East natural gas pipeline in western China. It also started the construction of the China-Russia crude oil pipeline, and the second West-to-East natural gas pipeline in eastern China.
In addition, PetroChina has invested further in gas projects abroad. The second phase of the central Asia gas pipeline project is under negotiation. The gas supply from the central Asia natural gas pipeline to the West-to-East gas pipeline will reach 6 billion m3 in 2010, and will gradually arrive at 30 billion m3 in the next 3 - 4 years.
PetroChina is China's largest oil and gas producer and major oil and gas pipeline operator. The company's natural gas output represents about 80% of China's total, while its natural gas pipelines account for more than 85% of the national total in length.
Read the article online at: https://www.worldpipelines.com/business-news/13042010/petrochina_to_invest_further_in_natural_gas/
You might also like
EIC appoints five new non-Executive board members
Energy Industries Council appoints five new non-Executive board members.
