China National Petroleum Corp, China's largest oil and gas producer, secured a big boost to its acquisitions war chest yesterday when it signed a $30bn loan deal with a state-owned bank.
CNPC, parent of PetroChina, said that China Development Bank had agreed to provide a five-year loan at a discounted interest rate that would be used to fund its “go global” strategy.
Chinese oil companies have been buying overseas assets aggressively in the past few years as they attempt to secure oil supplies to feed growing domestic demand and fulfil ambitions to become leading global players, a strategy that has strong support from the government in Beijing.
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