PetroChina preparing to spend

PetroChina plans to spend up to $60 billion over the next decade on foreign acquisitions .

“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 on such a magnitude will put PetroChina on par with major international players such as BP, Exxon­Mobil and Shell.

Jiang wants 50% of the company’s oil and gas production to come from overseas by 2020.

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