State Oil Giants Ink $40 Billion in Deals to Satisfy Growing Import Dependence
State-owned energy giants PetroChina Co. Ltd. and China Petroleum and Chemical Corp. (Sinopec) announced in Shanghai this week crude oil supply contracts worth around $40 billion.
PetroChina and its subsidiaries announced on the sidelines of the first China International Import Expo on Wednesday that they had signed cooperation deals with 17 international companies —including with U.S. company Honeywell International Inc. and state-owned Middle Eastern giants Saudi Arabian Oil Co. (Saudi Aramco) and Kuwait Petroleum Corp.— with the total value of the contracts about $29.2 billion.
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