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China National Petroleum Corporation (CNPC) is considering the construction of an oil refinery with a 5 million tons capacity with Shell in Syria, according to Jiang Jiemin, general manager of CNPC, at a press conference in Beijing on May 20. The previous day, the company revealed that it has agreed with Shell to acquire a 35 percent stake in the latter's oil and gas unit in Syria.

The deal is part of the company's ambition to expand overseas. CNPC has set a target to increase its overseas production to 200 million tons per year, mainly operated by its listing subsidiary, PetroChina.

As part of the plan, the company is gradually integrating its overseas assets and preparing to inject those assets into PetroChina, including the China National Oil and Gas Exploration and Development Corporation (CNODC), which currently operates part of the group's overseas business. CNPC and PetroChina each hold a 50 percent stake in CNODC.

Jiang said that PetroChina's takeover of CNODC from CNPC has been suspended due to high oil prices, but will resume in a more favorable market environment. After that, CNPC's overseas assets "will be wholly injected into PetroChina and CNODC will be dissolved," said Jiang.

In addition, CNPC recently won approval from Australia's Foreign Investment Review Board (FIRB) to jointly acquire Arrow Energy for AU$ 3.5 billion (US$ 3.2 billion) with Royal Dutch Shell. After the transaction, CNPC and Shell will set up a liquid natural gas processing plant in Australia.  

However, the Australian government's proposal to levy a 40 percent tax on the natural resource industry has raised speculation that it will increase operation costs for Chinese companies and hinder their steps toward more investment in the country. Jiang said at the conference that CNPC has formed a team to evaluate the impact of the tax.

According to the Australian government, the up-to-40 percent "Resource Super Profits Tax" will be imposed on profits of non-renewable resource development, starting from July 1, 2012. Chinese steel maker Baosteel's Chairman Xu Lejiang said earlier that the cost of the tax levy will be transferred downstream and weaken the profits of Chinese companies.

Jiang also stated that China's current pricing system on refined oil needs to be improved. He said that the recent swings in oil prices are uncommon and believed that the oil price should stay around US$ 70 to US$ 80 per barrel. "The recent slump has resulted in tremendous pressure on the government. Many hope to adjust fuel prices and to this end," Jiang said the company will respect the government's decision, in response to the issue of calls for a fuel price drop amid an international price slump.

Nevertheless, Jiang said that CNPC has seen little influence on its interim performance in the current slump in crude oil prices on the international market. "The company's performance during the first four months was very good, the oil price drop will have little impact on the interim results, and will be in accordance with or exceed market expectations," said Jiang.
 
Jiang also called on the Chinese government to push forward the market-oriented price reform on natural gas. CNPC has set a plan to increase production of natural gas to 50 percent of its total oil and gas production within 10 years.

CNPC currently operates 70 percent of China's oil and gas pipelines. But Jiang stated that the company will allow its pipelines to be accessed by privately-owned companies in the future.