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CNPC inks energy agreement with Siemens

Feb. 28, 2012 (China Knowledge) - China National Petroleum Corp or CNPC, the parent firm of PetroChina Co Ltd<601857><0857>, on Monday signed a strategic framework agreement with Germany-based Siemens AG, Europe's largest engineering conglomerate, on the cooperation in energy industry.

Pursuant to the agreement, the two sides will focus on the development and utilization of energy and the production of petroleum equipment.

CNPC has yet disclosed more details, while Siemens declined to comment.

Shanghai and Hong Kong-listed PetroChina has posted nearly RMB 37.4 billion-net profit attributable to shareholders for the first three quarters of 2011, reflecting a year-on-year increase of 7.8%. Earnings per were RMB 0.20.  

The Chinese oil giant CNPC is preparing to issue RMB 20 billion worth of 180-day bills and RMB 20 billion of five-year notes on the interbank market at the beginning of next month, said a person familiar with the matter, adding that coupon rate will be determined in the process of book-building.

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