Clear The Air Energy Blog Rotating Header Image

PetroChina To Sell Stake

Bloomberg in Beijing – Updated on Jul 12, 2008

PetroChina, the world’s second-biggest company by market value, may sell its 50 per cent stake in the mainland’s biggest developer of coal-bed methane.

“The transaction may be announced in one month or two or even within days,” Sun Maoyuan, the chairman of China United Coalbed Methane Corp, said yesterday.

The move was aimed at improving decision-making at China United, Mr Sun said, without giving financial details.

PetroChina will sell the stake to China National Coal Group, which owns the remaining 50 per cent of China United, according to Fu Xiaokang, a deputy director of international co-operation at the gas firm.

PetroChina spokesman Mao Zefeng was not available for comment.

Beijing-based China United Coalbed used to have the sole right to enter ventures with foreign firms, based on a 2001 regulation, to develop gas trapped in coal seams. The government issued new rules in September to allow more local explorers to work with overseas partners.

The mainland aims to boost the share of energy produced from natural gas to 5.3 per cent by 2010 from about 3 per cent now to cut pollution and reduce reliance on coal and oil.

More on For IPO news, listed company reports, announcements and press releases, go to our new investor relations website.

For PetroChina, go to

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>