PetroChina Primes Pump for Europe, Americas

Hunting for global profit potential, the listed arm of China National Petroleum Corp., PetroChina, has set sights on new investment targets in developed markets in the wake of a deal for refineries in Scotland and France.

Caixin learned PetroChina, which like many Chinese companies is pushing a go-global agenda, is not only entering West Europe but is cultivating an interest in U.S.-based Valero Energy Corp.'s Aruba oil refinery as well.

The Caribbean island refinery lies off the coast of Venezuela, a heavy crude oil source that's on friendly political terms with China, and presumably could facilitate a PetroChina strategy for upstream-downstream integration in the Americas. Aruba has been a potential target for PetroChina since early 2009.