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CITIC Resources plans expansion

(China Daily/Xinhua)
Updated: 2009-09-08 11:38

CITIC Resources Holdings, China's sixth-largest oil producer by output, aims to buy oil and resource assets in Central Asia, Africa and China, its chief executive said yesterday.

Armed with HK$4.3 billion($554.8 million) of cash on hand, CITIC Resources is eyeing "high-quality, profitable and good assets", CEO Sun Xinguo told reporters at a briefing.

Related readings:  China CITIC Bank to rejig loan portfolio in H2  CITIC Pac profits plunge 43% in H1  Citic Resources to double oil output  CITIC Securities net profit falls 19.77% in H1

CITIC Resources is the oil and metals unit of CITIC Group, China's top financial conglomerate.

CITIC Resources has oil assets in Kazakhstan, Indonesia and the Hainan-Yuedong Block in China.

The company posted a first-half net loss of HK$307.3 million from a net profit of HK$520.1 million a year earlier because of weak demand and falling prices, according to a company statement released late Sunday.