PetroChina Co. Ltd.

Company Registration No. :
1000001003252

Company Location :
Beijing, China

SHORT BUSINESS DESCRIPTION

PetroChina Company Limited (simplified Chinese: 中国石油天然气股份有限公司; traditional Chinese: 中國石油天然氣股份有限公司) is a Chinese oil and gas company and is the listed arm of

PetroChina Company Limited (simplified Chinese: 中国石油天然气股份有限公司; traditional Chinese: 中國石油天然氣股份有限公司) is a Chinese oil and gas company and is the listed arm of state-owned China National Petroleum Corporation (CNPC), headquartered in Dongcheng District, Beijing.[3] The company is currently Asia's largest oil and gas producer[4] and was China's second biggest oil producer in 2006.[5] Traded in Hong Kong and New York, the mainland enterprise announced its plans to issue stock in Shanghai in November 2007,[5] and subsequently entered the constituent of SSE 50 Index. In the 2020 Forbes Global 2000, PetroChina was ranked as the 32nd-largest public company in the world.[6]

History

PetroChina was established as a joint stock company with limited liabilities under the Company Law of the People's Republic of China (the PRC) on 5 November 1999, as part of the restructuring of CNPC. In the restructuring, CNPC injected into PetroChina most of the assets and liabilities of CNPC relating to its exploration and production, refining and marketing, chemicals and natural gas businesses. Because of Sinopec's link to Sudan through parent company China Petrochemical Corporation, several institutional investors such as Harvard and Yale decided, in 2005, to divest from Sinopec. Sudan divestment efforts have continued to be concentrated on PetroChina since then.[7] Fidelity Investments, after pressure from activist groups, also announced in a filing in the US that it had sold 91 per cent of its American Depositary Receipts in PetroChina in the first quarter of 2007.[8]

At the beginning of May 2007, the company announced it had made China's largest oil find in a decade off the country's northeast coast, in an oilfield named Jidong Nanpu oil field in Bohai Bay.[9] In May 2008 these expectations were lowered.[10]

On 7 November 2007, Hang Seng Indexes Company announced that PetroChina would be a Hang Seng Index Constituent Stock, effective 10 December 2007.[11] PetroChina also came under scrutiny from international organizations for its part in trading with the Sudanese government as it undertook the war in Darfur.

On 19 August 2009, PetroChina signed an A$50 billion deal with ExxonMobil to purchase liquefied natural gas from the Gorgon field in Western Australia,[12][13] considered the largest contract ever signed between China and Australia, which ensures China a steady supply of LNG fuel for 20 years, and also forms as China's largest supply of relatively "clean energy".[14][15] This deal has been formally secured, despite relations between Australia and China being at their lowest point in years, following the Rio Tinto espionage case and the granting of visas to Rebiya Kadeer to visit Australia.[16]

PetroChina's Dushanzi District refinery became fully operational on 24 September 2009. The refinery is China's largest refinery with annual capacity of 10 million tons of oil and 1 million tons of ethylene. The refinery is an integral part of China's ambitions to import oil from Kazakhstan.[17]

In February 2011, PetroChina agreed to pay $5.4 billion for a 49% stake in Canada's Duvernay shale assets owned by Encana. It was China's biggest investment in shale gas to date.[18] PetroChina's subsidiary in Canada is named PetroChina Canada and has an office in Calgary. It operates under the direction of Li Zhiming.[19]

China signed a deal in 2016 with the Nepal Oil Corporation to sell 30% of the total Nepalese petroleum consumption. China plans to build a pipeline to Nepal's Panchkhal along with a storage depot.[20]

In 2017, the shares of PetroChina upped after the rise of natural gas prices for commercial use.[21]

In February 2019, as part of the Arrow Energy joint venture with Royal Dutch Shell, the company was granted leases for $10 billion (AUS) towards the Surat project in Queensland, Australia.[22] Liaoyang Petrochemical Corp, a unit of PetroChina, in May 2019 exported to Europe for the first time.[23] PetroChina posted a US$4 billion profit for 2019.[24]

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