PetroChina will go public on Shanghai's A-share market next
month, said PetroChina Chairman Jiang Jiemin Monday.
Jiang said the company was waiting for "the right time" to tap
capital in the domestic market after China's security watchdog
approved the Shanghai initial public offering (IPO) of the nation's
largest oil producer.
"The procedure has been finalized and we are now waiting for a
window of opportunity," said Jiang. PetroChina has already been
listed on the Hong Kong capital market.
Jiang briefed the media on Monday at a panel discussion
following Party leader Hu Jintao's report to the opening of the 17th
Party congress.
Jiang also warned that China's dependence on oil imports would
edge up slightly and the increase would likely continue to 2020, by
which time per capita GDP is expected to have quadrupled against
2000 levels.
"But I am sure our oil import will not increase overly fast," he
added.
Jiang said China has already implemented a package of measures
to save energy, explore domestic energy sources and find clean
alternatives to replace oil and coal, which are currently the
backbone of China's energy mix.
More oil discoveries
He said he expected more oil reserves will be found in China, as
the nation sits on 10 massive geographic basins, which advanced
drilling technology will be able to open up in the near future.
For example, Jidong Nanpu field, just two hours from Beijing,
has already become the nation's largest oilfield, with current
reserves estimated at 1.2 billion tons.
"This is a natural strategic oil reserve for Beijing and North
China," said Jiang. "And I can tell you the final reserves will
likely surpass this sum."
He said China will have more big fields similar to Jidong
Nanpu.
The nation has decided to speed up construction of nuclear power
stations to meet the growing energy need, said Kang Rixin, general
manager of China National Nuclear Corporation (CNNC).
"We have taken an active approach in this regard," said
Kang.
Regarded as a clean, alternative to fossil fuels, Beijing has
given the nuclear sector a boost by setting a target of 40,000 MW
capacity by the end of 2020, which would account for 4 percent of
total power generation.
However, despite its massive contribution to pollution, the
government has decided to maintain its support for the use of coal,
which currently provides 69 percent of China's energy.
Meng Xuenong, the newly appointed acting governor of Shanxi
Province, which produced one-fourth of China's coal last year, told
China Daily on Monday that his province will enact new measures to
control coal mining and deal with the pollution it causes.
"We need to provide a cleaner environment for coming generations
and a sustainable development strategy will help ensure that," said
Meng, a CPC delegate.
(China Daily October 16, 2007)
