PetroChina to expand 1% continued acquisition of domestic and foreign assets

PetroChina edged up 1.18% to HK $8.55 this morning, trading 1.45 million shares. Sustained acquisitions of domestic and foreign assets to achieve expansion of the progress is encouraging. Since the company announced that it has agreed to spend 9.71 billion yuan to buy the Western pipeline assets from the parent company, mainly including the west of Xinjiang Urumqi, Dongzhi Gansu Lanzhou City, the length of 1,858 kilometers of crude oil pipeline and product pipeline each one,　　The design of crude oil and product pipeline is 20 million tons and 10 million tons per year respectively. PetroChina said the deal would enrich the company's pipeline capacity, optimize the allocation of pipeline resources and improve the efficiency of pipeline operation.　　The purchase price is equivalent to a 20 times-fold price-to-earnings ratio, which is more than 13.4 times times that of PetroChina itself. According to the FT, PetroChina is talking about investing in Ineos Plc's Grangemouth refinery in Scotland. According to the data, Ineos has a net debt of € 7.5 billion, and its spokesperson acknowledges that the company is exploring opportunities in Rangemouth with a number of potential partners.　　If the deal is reached, it will mark PetroChina's first foray into the European refining industry. The Chinese oil A shares (601857-CN) are now slightly down 0.14% to 14.02 yuan.