PetroChina Seeks to Strengthen Relationship with Iraq

PetroChina , the world's second-most valuable oil and gas producer after Exxon Mobil Corp, said on Thursday that it wants to further strengthen relationships with Iraq as it looks for new sources of oil. It is also focusing on Venezuela and Kazakhstan.

The company was also in discussions for cooperation agreements with BP in the refining sector, executives told a media briefing after reporting quarterly results, according to a report from Reuters.

Earlier in the day, PetroChina posted a 4.2 percent rise in quarterly earnings, its best since the fourth quarter of 2008, as higher oil prices and stronger production offset weak refining margins.

(Source: Reuters)

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