Market Chatter: PetroChina Dismisses Middle East Conflict Concerns

MT Newswires Live03-30

PetroChina (SHA:601857, HKG:0857) downplayed concerns regarding the conflict in the Middle East, adding its operations remain normal, Nikkei Asia reported Monday, citing Chairman Dai Houliang's remarks during an earnings conference.

The oil major's investments in the Middle East are going through "varying degrees of impact," and it has started using its emergency response plan put out last year, the report said, citing Dai.

PetroChina forecast capital expenditure in the oil, gas, and new energy sectors will rise 7.7% year over year to 220.8 billion yuan in 2026, according to a Friday filing with the Hong Kong bourse.

The funds will be used to explore and develop key domestic basins such as Songliao, Ordos, Junggar, Tarim, Sichuan, and Bohai Bay, the filing said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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