PetroChina to increase investment in oil, gas

(Xinhua)
Updated: 2008-10-21 23:06

Jiang said PetroChina wanted to see oil prices at about US$80 per barrel.

As the president of China National Petroleum Corp. (CNPC), PetroChina's parent company, Jiang Jiemin said that CNPC will continue to purchase A-shares of PetroChina in line with the country's regulations.

As the share price of PetroChina in Shanghai and Hong Kong are related, CNPC has purchased some H-shares of PetroChina as well, he said.

CNPC purchased 60 million A-shares of PetroChina on September 22.

Jiang said, CNPC will benefit from PetroChina's stable bonus awarding and is confident in PetroChina's future value on the stock market.

Since listed in the Shanghai stock market in November last year, PetroChina has seen its stock price slide from a debut of 48.6 yuan (US$7.11) per share to a little more than 10 yuan, which has caused investor complaints.

Listed in Hong Kong, New York and Shanghai, its price in the A-share market was 11.90 yuan per share and 6.45 Hong Kong dollars on Monday.

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