something big brewing, page-8

HONG KONG - PetroChina Co., China's largest listed oil company by capacity, said Thursday it is actively seeking acquisitions in central Asia, East Africa, Australia and Canada as it seeks to feed the growing energy demand in the country and strengthen its international presence.

Vice Chairman and President Zhou Jiping told reporters in Hong Kong at the company's results briefing that international oil companies are in the process of optimizing their world portfolios and there are "favorable opportunities for acquisitions" in different parts of the world.

Mr. Zhou said the company has earmarked 100 billion yuan ($15.7 billion) for investments overseas in oil and gas assets this year and will accelerate its acquisition strategies through cooperation with partners overseas and buy oil-and-gas assets directly.

He said the company plans to boost its overseas oil and gas output to 50% of its total output in five to eight years from 9% at present.

"Internationalization is a very important long-term strategy for our company. We remain very committed to expand our presence overseas," Mr. Zhou said