Overseas operations to rise to 60% at CNPC

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CHINA'S top oil and gas producer yesterday said overseas operations will take a much larger share of its overall output as the company continues to expand abroad.

The China National Petroleum Corp produced around 110 million tons of oil equivalent through overseas operations last year, which accounted for nearly 40 percent of its total oil and gas output, according to statistics released at its annual work conference.

That proportion will rise to 60 percent by 2020, CNPC Chairman Jiang Jiemin told the conference.

In 2012, revenues and profits from overseas business took up 39 percent and 31 percent of the company's total, respectively.

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