Li Xinhua, vice president of China National Petroleum Corporation (CNPC), arrived in Hangzhou, Zhejiang Province, over the weekend to discuss possible cooperation with private enterprises on 119 domestic and overseas projects, including the construction of oil and gas pipelines and overseas exploration.

It is the first time CNPC has invited private investment, and the company expects to attract domestic private capital of at least 200 billion yuan (US$29.56 billion).

CNPC's capital expenditure in 2005 was less than 150 billion yuan (US$22.17 billion). The figure has soared to more than 200 billion yuan in 2009 and reached 230 billion yuan (US$34 billion) this year.

The company needs funds now.

"It is not easy for private enterprises to be involved in high-tech based oil exploration and refining and other major businesses of CNPC, but there are huge opportunities for private enterprises in exploration and drilling equipments and sales," said Liu Bo, an analyst from Sinolink Securities.

China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.