CNPC seeks to cooperate with private firms in Zhejiang

China National Petroleum Corp. (CNPC), parent of PetroChina, is seeking opportunities to cooperate with private companies in East China’s Zhejiang province. China’s State Council, the country’s cabinet, issued a policy in May to encourage private capital to enter public services and industries with a high degree of monopoly, such as petroleum, telecommunications, aviation, nuclear power and railways. Detailed implementing measures were rolled out in late July. The company is in talks with a number of local private firms in the booming province, the first large-scale talks CNPC has ever held. CNPC has proposed 119 projects, creating strong interest in many of the private companies. A fuel ethanol project jointly invested by the Holley Group and CNPC will be put into operation by the end of the year in Zhoushan, Zhejiang. The group has a 40% interest in the project, while CNPC will own the remaining 60%. (August 9, 2010)