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CNPC secures 30bn funding

CHINA National Petroleum Corp (CNPC), parent of Asia&rsquo;s largest oil and gas producer PetroChina, said yesterday it had secured a $30bn (&pound;18.13bn) state loan to fund overseas expansion, as Beijing seeks to secure resources for the world&rsquo;s fastest-growing major economy.<br /><br />The Chinese government, sitting on more than $2 trillion in foreign exchange reserves, has this year stepped up its backing of state companies scouring the globe for assets and raw material supplies from Australia to Africa and South America to Russia.