Petro皇冠体育app to increase investment in oil, gas

(Xinhua)
Updated: 2008-10-21 23:06

Jiang said Petro皇冠体育app wanted to see oil prices at about US$80 per barrel.

As the president of 皇冠体育app National Petroleum Corp. (CNPC), Petro皇冠体育app's parent company, Jiang Jiemin said that CNPC will continue to purchase A-shares of Petro皇冠体育app in line with the country's regulations.

As the share price of Petro皇冠体育app in Shanghai and Hong Kong are related, CNPC has purchased some H-shares of Petro皇冠体育app as well, he said.

CNPC purchased 60 million A-shares of Petro皇冠体育app on September 22.

Jiang said, CNPC will benefit from Petro皇冠体育app's stable bonus awarding and is confident in Petro皇冠体育app's future value on the stock market.

Since listed in the Shanghai stock market in November last year, Petro皇冠体育app has seen its stock price slide from a debut of 48.6 yuan (US$7.11) per share to a little more than 10 yuan, which has caused investor complaints.

Listed in Hong Kong, New York and Shanghai, its price in the A-share market was 11.90 yuan per share and 6.45 Hong Kong dollars on Monday.

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