PetroChina, Huaneng tie up on natgas power projects

HONG KONG, Sept 2 - PetroChina, the world's No. 2 oil and gas producer by market value, has agreed with China's top power firm Huaneng Power International to collaborate on natural gas power generation projects. The two state-owned Chinese companies, which signed an agreement on Tuesday, said the partnership would enable Huaneng to increase its clean energy power generation installed capacity, PetroChina's parent CNPC said on its website on Wednesday. (www.cnpc.com.cn)

"This strategic cooperation framework agreement...will further promote bilateral business development, raising the proportion of natural gas and promote clean energy use in China," PetroChina said in its statement.

PetroChina, which pumps 79.7 percent of China's natural gas, said it would also cooperate with Huaneng in Singapore and other overseas ventures. The oil firm paid $1.02 billion for a 45.5 percent stake in Singapore Petroleum Co in May.