petrochina co ltd-h (857) Snapshot

PetroChina Co. Ltd. entered into the joint venture contract with Taikang Asset and the Guolian Fund, pursuant to which the JV Company will be jointly established by the company, Taikang Asset and the Guolian Fund. The company will contribute the West Pipeline Assets as capital, which are worth RMB 20 billion after valuation (which final valuation is subject to its filing by China National Petroleum Corporation with the authority concerned), and subscribe for registered capital in the JV Company amounting to RMB 20 billion, representing 50% of the registered capital of the JV Company. Taikang Asset will contribute RMB 36 billion in cash and subscribe for registered capital in the JV Company amounting to RMB 12 billion, representing 30% of the registered capital of the JV Company, with the remaining attributable to the capital reserve. The Guolian Fund will contribute RMB 24 billion in cash and subscribe for registered capital in the JV Company amounting to RMB 8 billion, representing 20% of the registered capital of the JV Company, with the remaining attributable to the capital reserve.

PetroChina Co. Ltd. (SEHK:857) is in talks with potential investors to sell minority stakes in its projects, in order to ease its tight cash-flow position and mounting debt burden amid state control on fuel prices, a person familiar with PetroChina's operations said. He said PetroChina was in talks with several potential investors and might sell minority stakes in assets worth tens of billions of yuan. Mao Zefeng, PetroChina's Spokesman would not comment to South China Morning Post.

PetroChina Co. Ltd. approved cash dividend of RMB 1.3106 (taxes included) for every 10 shares for the year 2012, at the Annual General Meeting of 2012 on May 23, 2013.