- CNTV English - CCTV News

CNPC encourages private investment

08-08-2010 13:00 BJT

Watch Video

Play Video

Following up on guidelines issued earlier this year by the State Council, China National Petroleum Corporation, CNPC, sponsored a forum in Zhejiang province to push "co-exploitation" with private companies.

In May, China moved to encourage and guide greater development of private investment in the country's booming industry sector. Mike Paterson has the story.

China's largest oil and gas producer and supplier is offering 119 projects including the construction of oil and gas pipelines and natural resource exploration abroad. The total investment being offered reached 600 billion yuan.

The state-run company hopes to attract more than 211 billion yuan of domestic private capital.

Over 100 private entrepreneurs from Zhejiang attended the summit.

Zong Qinghou, chairman of Hangzhou Wahaha Group, said, "Our advantage is the large distribution net. So we seek cooperation in oil and gas exploration. Previously, we were not allowed to do so. This afternoon we'll promote the idea to see if we can get the chance."

Private companies generate the bulk of China's new jobs and wealth.

The measures to promote private investment reflect the government's determination to break down barriers now facing private capital.

However, many of the 119 projects being offered to investors require large investments and offer high risks.

Li Xinhua, deputy General Manager of CNPC, said,"I think there will be a win-win situation in attracting private capital. If we can enlarge the business, it's reasonable to share the benefits."

CNPC says it will expand cooperation with more private enterprises in the country.

Editor:Zhang Ning |Source: CNTV

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program