PetroChina cred­its tech­nol­ogy for boost­ing its growth

The Pak Banker - - COMPANIES/BOSS -

BEI­JING: PetroChina, the coun­try's largest oil and gas pro­ducer by out­put, said on Tues­day that new tech­no­log­i­cal in­no­va­tion has sup­ported its de­vel­op­ment in the past five years, gen­er­at­ing a profit of more than 100 bil­lion yuan ($15.34 bil­lion). Qu Guangxue, the spokesman for PetroChina, said China is not rich in oil and gas re­sources, so tech­no­log­i­cal break­through plays an im­por­tant role in driv­ing the pro­duc­tion growth in the past few years. "We will con­tinue to in­vest in re­search and tech­no­log­i­cal ex­per­tise, be­cause the coun­try's com­pli­cated ge­ol­ogy has made ex­trac­tion dif­fi­cult," he told re­porters dur­ing a fo­rum on the PetroChina's tech­no­log­i­cal achieve­ments from 2010 to 2015. The com­pany said that it has kept an an­nual oil pro­duc­tion of more than 100 mil­lion tons for the past 21 years while gas pro­duc­tion rose five fold from 18.3 bil­lion cu­bic me­ters in 2000 to 95.5 bil­lion in 2015. At the same time, tech­no­log­i­cal break­through is also a driv­ing force for the Chi­nese oil ma­jor's over­seas busi­ness.The oil and gas pro­duc­tion in over­seas busi­ness reached 100 mil­lion tons per year. The crude oil trans­porta­tion ca­pa­bil­ity stands at 78 mil­lion tons while the com­pany is able to trans­port a to­tal nat­u­ral gas of 60.4 bil­lion cu­bic me­ters an­nu­ally. Qu said that the group has al­ready in­vested more than $ 60 bil­lion to the coun­tries along the Belt and Road Ini­tia­tive, ac­count­ing for 81 per­cent of the to­tal over­seas in­vest­ment. The Belt and Road Ini­tia­tive refers to the pro­posal to build a Silk Road Eco­nomic Belt and a 21st Cen­tury Mar­itime Silk Road by Chi­nese Pres­i­dent Xi Jin­ping.

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