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PetroChina to raise 8.7 bln dlrs as oil price bites

by Staff Writers
 Hong Kong (AFP) June 11, 2008
 PetroChina, China' largest oil and gas producer, said Wednesday it would raise 60 billion yuan in a corporate bond sale as it tries to overcome losses caused by fuel price controls.

The domestic bonds, worth 8.7 billion US dollars, will be issued in the mainland and will have maturities of no more than 15 years, the company said in a statement to the Hong Kong Stock Exchange.

The bonds will help "satisfy the operational needs of the company, further improve its debt structure, reduce the financing costs and supplement the working capital of the company," the statement said.

The money could also be used to fund infrastructure projects such as the second west-east gas pipeline project, the statement said.

When announcing its corporate results earlier this year, the company said it had recorded operating losses of 20.7 billion yuan in 2007 for the oil refining and marketing operations.

The losses were due to government control on domestic retail prices of oil products, which made it difficult to cover rising costs of crude oil.

Since then the global price of oil has rocketed further, shooting through 135 US dollars a barrel in recent weeks.

The company also suffered an interruption of supply in the earthquake in southwest Sichuan province, with a gas well that normally produces six million cubic metres (210 million cubic feet) per day halted in the immediate aftermath.

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ENERGY TECH
Key oil pipeline in China quake zone resumes operation: report
 Beijing (AFP) June 11, 2008
 A key oil pipeline in China's quake-hit southwest resumed operations on Wednesday, a day after they were suspended by PetroChina as authorities drained a dangerous 'quake lake,' state media said.






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