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TradingMarkets.com: CNPC and Shell May Be Strategic Partners after Meeting

Friday, December 21, 2007
 
BEIJING, Dec 21, 2007 (SinoCast via COMTEX) — RD | charts | news | PowerRating — China National Petroleum Corporation (CNPC), the nation’s No.1 oil & gas producer, is talking with Royal Dutch/Shell Group in Beijing and may sign a strategic cooperation agreement, after inking a 30-year contract with US-based Chevron Corporation to jointly exploit natural gas in China’s Sichuan Province days ago.

The top managers of the Chinese oil giant are discussing with Jeroen van der Veer, CEO of Shell, about the details of the downstream and upstream projects, and the two sides will likely sign related documents to clinch, sources said.

Persons at CNPC decline to comment on this news while an insider at Shell China did not answer definitely but did not deny, either.

As two of the global energy titans, CNPC and Shell have been partners for years. In March 2007, the Chinese group had announced that it invited a prospecting and production arm of Shell China to jointly develop a natural gas field. Later, Shell decided to sell liquefied natural gas it gains from the Gorgon Project in Australia to CNPC, after signing a framework agreement.

From stocknews.com.cn, Page 1, Thursday, December 20, 2007 [email protected]

http://www.tradingmarkets.com/.site/news/Stock%20News/936142/

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