Chinese team discusses investment in oil, gas sector
2003-7-25www.jang.com.pk
    ISLAMABAD: A seven-member Chinese businessmen delegation called on M Abdullah Yousaf, Secretary Ministry of Petroleum here on Thursday and discussed possibilities for Chinese investment in oil and gas sector in Pakistan.
    President and Adviser of Daqing Petroleum Engineering International China, Lu Jing led the delegation. Both sides held in depth discussions on further expanding business cooperation between the two countries.
    The secretary briefed the guests about oil and gas exploration activities as well as ongoing and future oil and gas projects. There are tremendous opportunities for Chinese investors to invest in construction of gas storage, pipelines, oil refineries, onshore and offshore oil and gas exploration.
    The delegation showed interest in the upgradation of oil fields, refineries and oil and gas services sector.
    Lu Jing said Daqing Petroleum Engineering (DQE) is a subsidiary of Daqing Petroleum Administrative Bureau, the largest enterprise in China in terms of sales.
    The company has registered capital of $122 million and the group produces 50 million tonnes of oil and 2 billion q/m of gas per year, which is 40 per cent of total oil produced in China.
    It boasts of four professional group companies, which are Exploration and Development Group, Construction Group, Machinery Processing and Petrochemical Group and Water and Electricity Group. DQE has been engaged in various countries in the petroleum technical service, exploration and development of oil and gas field as well as the export of petroleum equipment and petrochemical products, he said.
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