PetroChina making refining loss, eyes North America M&A

BEIJING (Reuters) – PetroChina Co Ltd (0857.HK: Quote, Profile, Research) (601857.SS: Quote, Profile, Research) (PTR.N: Quote, Profile, Research), Asia’s largest oil and gas producer and China’s second-biggest refiner, is suffering refining losses with crude oil above $90 per barrel, its chairman Jiang Jiemin said on Saturday.

Speaking to reporters on the sidelines of China’s annual parliamentary session, Jiang also said the company was looking at unconventional gas assets and oil sands assets in North America.

He said Petrochina, the world’s second-most valuable energy company, could sign new supply deals for liquefied natural gas this year.

(Reporting by Judy Hua and Tom Miles; Editing by Ken Wills)