Nevertheless, the fungibility of money and the scale of CNPC's activities in Sudan thoroughly undermine the credibility of this restructuring effort.

CENTERFORSECURITYPOLICY: Attachment to 00-C 09

It seems likely that the billions raised will either subsidize the overseas operations of the parent company or, due to the fungibility of money, at least indirectly finance CNPC's overseas operations by freeing it of debt or other obligations.

CENTERFORSECURITYPOLICY: Center For Security Policy