China’s Oil Giant Says It’s Not Seeking Discounted Russian Fuel
PetroChina said it plans to boost its exploration and production efforts.
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PetroChina Co. isn’t seeking any discounted Russian oil and gas and is only purchasing fuel from the country through its existing contracts, company executives said Friday.
Deals with Russian counter-parties are operating normally, Chief Financial Officer Chai Shouping said on the company’s first-quarter earnings call. Transactions have continued to be settled in U.S. dollars or euros despite international sanctions against several Russian banks following the invasion of Ukraine, Chai said.