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PetroChina intends to invest 400 billion yuan in overseas production expansion According to the Daily Economic News on May 22, Jiang Jiemin, chairman of CNPC, disclosed on May 20 that the company plans to invest 60 billion US dollars (about 400 billion RMB) to increase the annual output of overseas oil and gas to 200 million tons. Jiang Jiemin said that PetroChina plans to inject most of its overseas business into listed companies, and that the company's acquisition of 50% of the shares of PetroChina Exploration from the group company is still awaiting the approval of the state.
China's largest oil and gas producing area takes the lead in resource tax reform China's largest oil and gas producing area took the lead in resource tax reform [Shihua Finance News, May 24]. The central government decided to take the lead in resource tax and fee reform in Xinjiang, changing the tax on crude oil and natural gas resources from ad valorem to ad valorem.
Devil City of Karamay, Xinjiang, contains 360 million tons of heavy oil Urumqi, May 24, Xinhua (Mao Yongzhang Wei) reporter learned from the Exploration and Development Research Institute of Xinjiang Oilfield Company on May 24 that scientific researchers found 360 million tons of heavy oil reserves in the "Zhong18 well area" near the "Devil City" of Karamay, and the thermal recovery of heavy oil industry in this area is about to start.