“A total investment of not less than $60 billion is needed to form our five regions of global oil and gas cooperation, by 2020,” said Petro­China chairman Jiang Jiemin.

“Ten years ago, PetroChina was a state-owned oil com­pany, but now we have a goal of becoming an international, integrated 
energy company,” Jiang said. Last year, PetroChina spent $7 billion acquiring assets and reserves in Australia, Canada, Singapore and Central Asia.

Spending