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According to Reuters on June 28th, people familiar with the matter said that China National Petroleum Corporation (CNPC) may sell its natural gas projects in Australia and oil sands projects in Canada to curb losses and transfer funds to the Middle East, Africa, and Central Asia.
The sale is carried, following an internal review of PetroChina’s global portfolio. Earlier, smaller CNOOC Limited had made a similar move, selling off its operations in Britain, Canada, and the U.S. amid fears that the assets could be subject to Western sanctions. Unlike CNOOC’s sell-off, CNPC’s divestiture was driven more by poor economic conditions other than concerns about U.S. sanctions.
It was also revealed that PetroChina hopes to sell some of its assets within the next two years, which are considered the most important “negative assets” in the company’s global portfolio.
Proofread and edited by: Grace
Posted by: Peter Chen
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