PetroChina borrowed ship to sea 10 layout of the five major regional channels

-reporter Zhang Yu, May 12, China Petroleum and Natural Gas Co., Ltd. (hereinafter referred to as PetroChina) held in Beijing in 2008 annual shareholder meeting, formally approved 100 billion yuan 2009 years of financing authorization. The capital structure of PetroChina's debt now accounts for 12. 9%, equity capital 87. 　　1%. "In view of the current production and operation of PetroChina, I think 100 billion is enough, and will be mainly debt financing."　　"PetroChina president and chairman Jiemin face Media said, PetroChina 2009 years total investment scale will not be reduced, the proposed 100 billion yuan financing will be mainly used in exploration and development, refining structural adjustment, natural gas pipeline network construction and overseas business and other four aspects." Involvement Fund GAP "the company expects the board to allow debt to be issued within the authorized limit to ease the problem of greater cash flow pressures."　　"A senior PetroChina official said to the media.　　According to the reporter understand, although after the second half of 2008, PetroChina implemented the "compression of the company's non-main business expenses" and other initiatives, but because of the financial crisis, special income and oil price regulation and other factors, resulting in a reduction of corporate cash inflows, capital expenditure on cash increased, so that the net outflow of investment activities increase. PetroChina's 2008 financial report also said that by the increase in taxes and investment scale, the company's free cash flow dropped sharply, with a free cash flow of 449 in 2008. 100 million yuan, down 768 from a year earlier. 900 million yuan, interest-bearing debt broke through hundreds of billions of dollars, up to 1255.　　900 million yuan. "At present, the ratio of petroleum assets to liabilities is only 29.1%, has not exceeded 30%, the ratio of capital liability is only 12.9%, but also has not exceeded 15%, there is still a large financing space."　　PetroChina said in its annual report. In this respect, the industry evaluation, "the former phase of international oil prices plunged, PetroChina under the pressure of greater." Moreover, before it planned too many overseas projects, oil prices fell, the funding gap of these projects suddenly increased, the need for financing is unavoidable. "" 2000 years later, the strength of the overseas expansion of PetroChina has been formed in Africa, Central Asia, Latin America as the main force of the huge overseas business group, and "These projects are currently in the early stage of exploration and development, the need for follow-up funds," a senior Sinopec consulting company said to the media. "If we can invest directly in US dollars, we will not only avoid the risk of exchange rate fluctuation, but also have great significance to dissolve the huge foreign exchange reserves." "Prior to the report, May 11, PetroChina has just issued a first 1 billion U.S. dollars in the interbank in the U.S. dollar medium-term paper."　　PetroChina said at the time that this is the first phase of the domestic dollar medium-term bills, all the funds will be invested in overseas investment and development of the block, 2009 three quarter and 2010 quarter, the company will issue 1 billion U.S. dollars medium-term bills. The choice of acquisition opportunity "is now a good time for overseas business mergers and acquisitions." "In the margins of the shareholder meeting," Jiemin said, "Although the PPI index has been falling recently, we believe that China's energy-specificThe demand for oil and gas will always be exuberant.　　Jiemin said that it is optimistic about the emerging markets such as China's demand for a long time, so that PetroChina attaches more importance to upstream oil and gas resources control. At the same time, Zhou Jiping, vice chairman of PetroChina, said to the media, "overseas mergers and acquisitions is the focus of the strategic development of PetroChina, in the context of the economic crisis and falling oil prices, is also a rare strategic opportunity." Companies in the active and prudent selection of overseas projects, focusing on the country with the operational resources of the major oil companies to strengthen cooperation in the five major oil and gas cooperation areas to further roll and expand, while focusing on the financial crisis in the project investment return. "It is reported that since 2008, PetroChina launched a lot of overseas harvest, in 2009 and Russia, Venezuela and other countries signed a high" loan for oil "agreement." Exxon Mobil has agreed to sell 2 million tonnes of liquefied natural gas (LNG) to the PetroChina group each year, and the two sides have completed commercial negotiations, and two of the four LNG receiving stations in the planning process have been officially started.　　PetroChina and Venezuelan national oil company jointly set up upstream companies, transport companies, will also build two large-scale refineries in China, one of the refinery site has been identified in the eastern region, officially named "Guangdong Petrochemical", the basic design has begun. Jiemin to reporters that the end of the three quarter, Kazakhstan to China's annual capacity of 20 million tons of crude oil pipeline will be completed and put into production. The Central Asian gas pipeline, which is being built, will have a single production condition by the end of the year.　　PetroChina is studying the feasibility of increasing the volume of natural gas pipelines in Central Asia, which has been fully developed. He also said that the Sino-Russian crude oil pipeline from Mohe to Daqing will begin construction in mid-May.　　China-Russia crude oil pipeline will be completed by the end of next year, after expansion, the pipeline capacity can also be increased. Overseas expansion Blueprint Jiemin also said that, although the present is a merger opportunity, but the concrete operation still has certain difficulty. PetroChina will "strive to use 8―10 years, basically built covering Central Asia, Africa, South America, the Middle East and the Asia-Pacific five major oil and gas cooperation zones, to achieve the scale of overseas business, effective and sustainable development."　　According to the China Petroleum Group Corporation's office, as early as in 2009, the China Petroleum Corporation held in the working meeting, the senior PetroChina has made a statement on the overseas expansion blueprint, including "speeding up the construction of the five major oil and gas cooperation areas overseas", "speeding up the construction of the four major oil and gas strategic He said PetroChina mergers and acquisitions will start from two aspects: on the one hand, closely tracking and screening of oil and gas target companies and assets, timing launched the acquisition, focusing on some financial difficulties, the development potential of small and medium-sized independent oil companies and mature oil and gas assets.　　On the other hand, we should make a breakthrough in the acquisition and acquisition of large and medium-sized oil companies and realize the new development of overseas oil and gas business. Among the five major overseas regions, Kazakhstan, Turkmenistan and Uzbekistan will be the focus of the Central Asia region as the most important oil and gas cooperation zone overseas. Second, the extensionExhibition Africa; Third, with Venezuela, Peru, Ecuador as the focus, to build the largest overseas production and supply of unconventional oil cooperation zone; Four is to strengthen the Middle East, as the company's future foreign oil and gas business focus on the development of replacement areas, five is to promote the Asia-Pacific, as the company's overseas important natural gas and　　Another important part of the expansion blueprint is to accelerate the construction of the four major oil and gas strategic channels in west, north, south and east. Reporter learned that its specific planning is that the West early completion of the Central Asian oil and gas pipeline, China-Kazakhstan crude oil pipeline to achieve 20 million tons/year, the Central Asian gas pipeline to achieve 30.04 trillion cubic meters/year, and strive for 50.06 trillion cubic meters/year.　　Among them, China-Kazakhstan crude oil two pipeline 2009 years into production, the Central Asian natural gas pipeline was completed at the end of 2009 to put into production, two-line 2011 end of the completed production. The early start of the north-Russia oil and gas pipeline project, to achieve 150.03 billion tons/year oil transmission, gas transmission 30 billion cubic meters/year.　　Among them, the Sino-Russian crude oil pipeline to start construction in 2009, the end of 2010 production.　　The South actively promote the construction of China-Burma pipeline, China-Burma oil and gas pipelines to achieve 20 million tons/year, gas transmission 12 billion cubic meters/year.　　The east actively constructs the Sea passage, establishes the petroleum and the LNG sea shipping supply channel, realizes the Marine LNG supply 10 million tons/year above, the new sea oil supply 40 million tons/year. Among them, the Central Asian pipeline is the most important pipe work this year. The reporter was informed that, according to PetroChina's plan, the Central Asian natural gas pipeline to complete the pipeline by the end of 1800 kilometers of single and first station of the completion of the gas station, to ensure the timely delivery of Turkmen natural gas.　　The two phase of China-Kazakhstan crude oil pipeline project will be put into operation at the end of September this year to ensure that the western Kazakh crude oil in the west of Kazakhstan enters this pipeline and gradually replaces Russian crude oil. "With the substantial breakthrough in the Sino-Russian pipeline, the four strategic channels have almost no major obstacles," said an insider in the pipeline plate, China-Burma pipeline this year is also likely to essay, "PetroChina has formed the China-Myanmar pipeline project department, the end of the year may be opened."