By Fu Jing (China Daily)
Updated: 2007-10-16 07:15

PetroChina will go public on Shanghai's A-share market next month, said PetroChina Chairman Jiang Jiemin Monday.

Jiang said the company was waiting for "the right time" to tap capital in the domestic market after China's security watchdog approved the Shanghai initial public offering (IPO) of the nation's largest oil producer.

"The procedure has been finalized and we are now waiting for a window of opportunity," said Jiang. PetroChina has already been listed on the Hong Kong capital market.

Jiang briefed the media on Monday at a panel discussion following Party leader Hu Jintao's report to the opening of the 17th Party congress.

Jiang also warned that China's dependence on oil imports would edge up slightly and the increase would likely continue to 2020, by which time per capita GDP is expected to have quadrupled against 2000 levels.

"But I am sure our oil import will not increase overly fast," he added.

Jiang said China has already implemented a package of measures to save energy, explore domestic energy sources and find clean alternatives to replace oil and coal, which are currently the backbone of China's energy mix.

More oil discoveries

He said he expected more oil reserves will be found in China, as the nation sits on 10 massive geographic basins, which advanced drilling technology will be able to open up in the near future.

For example, Jidong Nanpu field, just two hours from Beijing, has already become the nation's largest oilfield, with current reserves estimated at 1.2 billion tons.

"This is a natural strategic oil reserve for Beijing and North China," said Jiang. "And I can tell you the final reserves will likely surpass this sum."

He said China will have more big fields similar to Jidong Nanpu.

The nation has decided to speed up construction of nuclear power stations to meet the growing energy need, said Kang Rixin, general manager of China National Nuclear Corporation (CNNC).

"We have taken an active approach in this regard," said Kang.

Regarded as a clean, alternative to fossil fuels, Beijing has given the nuclear sector a boost by setting a target of 40,000 MW capacity by the end of 2020, which would account for 4 percent of total power generation.

However, despite its massive contribution to pollution, the government has decided to maintain its support for the use of coal, which currently provides 69 percent of China's energy.

Meng Xuenong, the newly appointed acting governor of Shanxi Province, which produced one-fourth of China's coal last year, told China Daily on Monday that his province will enact new measures to control coal mining and deal with the pollution it causes.

"We need to provide a cleaner environment for coming generations and a sustainable development strategy will help ensure that," said Meng, a CPC delegate.