PetroChina Increasing Global Commodity Investments
PetroChina (NYSE:PTR) says it will spend a minimum of $60 billion over the next 10 years in acquiring international assets, as China's ongoing energy and fuel needs grow at a pace they're having a hard time keeping up with.
This isn't too hard to believe, as far as the $60 billion goes, as I think that's probably the low end of the estimate, considering China spend close to $7 billion in 2009 on acquiring reserves and refineries in a number of countries.
Still, even with the big numbers last year, before that PetroChina average from $2 billion to $3 billion for several years, so this is a big move for them as far as increasing their commitment to the sector.
In 2009 Chinese companies as a whole invested $32 billion in energy and mining-related companies, and it doesn't seem they're even close to being satisfied in those types of endeavors.
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