PetroChina Acquires Assets from Parent CNPC      

PetroChina Company Limited. (PetroChina, HK: 0857, SH: 601857, NYSE: PTR) signed a purchase agreement on November 19th on acquiring assets in six branch companies under CNPC (China National Petroleum Corporation), its controlling shareholder, for a consideration of approximately RMB5.31 billion.
   The acquisitions - Liaohe Petroleum Exploration Board, Jilin Petroleum Group Co., Ltd., Dagang Oilfields Group Co., Ltd., Northern China Petroleum Board, Sichuan Petroleum Board and Changqing Petroleum Exploration Board - are all fully-owned subsidiaries of CNPC. They are basically involved in exploration and exploitation of crude oil, natural gas and relevant businesses.
   The acquisitions are in line with the PetroChina's development strategies as a whole. The company has capabilities to expand its risk operation services following changes in oil prices and evolution of exploitation technologies, according to PetroChina.
   With the acquisitions, PetroChina will be able to directly develop and exploit the marginal oil reserve regions relating to the risk operation service business by advanced technologies, which helps it to achieve scientific, rational, continuous and efficient exploitation of its reserve resources.  
   PetroChina expects the deal will be closed by the end of 2008.
   The assets to be acquired are located in Liaoning, Jilin, Hebei, Sichuan and Shaanxi provinces as well as Tianjin municipality respectively.
   In addition, PetroChina posted on the same day it has gotten a conditional approval by China Securities Regulatory Commission in reference to issuing corporate bonds of up to RMB30 billion on the Shanghai Stock Exchange. However, the company has not disclosed the purpose of the funds.