China National Petroleum Corp signs major contracts

China National Petroleum Corp, the country's largest oil and gas producer and supplier, has signed 30 purchase agreements with a total contract worth $16.7 billion (120.6 billion yuan) during the fifth China International Import Expo (CIIE), the company said on Saturday.

It has signed contracts with 30 cooperative partners from across the globe including Saudi Aramco, Kuwait Petroleum Corporation, and Schlumberger, it said.

This is the fifth year the company participated in the CIIE, with an accumulated purchase amount reaching up to $92.79 billion with 142 suppliers, it said.

The company currently sees its annual domestic oil output above 100 million tons with steady growth and an annual domestic natural gas output exceeding 100 million tons of oil equivalent. Overseas oil and gas equity production equivalent has also exceeded 100 million tons, it said.

The company has also been stepping up oil and gas exploration and supply capacity while enhancing cooperation in energy and resources development, it said.