China National Petroleum Corporation(CNPC)

The China National Petroleum Corporation(CNPC) is an extra-large petroleum and petrochemical group corporation, established on the basis of the original China National Petroleum Corporation according to the institutional reform plans promulgated by the State Council in July 1998. CNPC is a wholly State-owned corporation that is authorized by the State to make investments. As a giant national Company, CNPC is engaging in both upstream & downstream operations, import & export transactions and production & marketing activities, and CNPC is run under modern enterprise mechanism, with its business activities spreading in regions of the country, crossing different industries and in diversified forms of ownership.

Last year, CNPC reorganized its assets and restructured its system. As part of the Restructuring, CNPC established the PetroChina Company Limited under the Company Law on November 1999. In this restructuring, CNPC, its parent, transferred to the Company most of the assets, liabilities and interests of CNPC relating to CNPC's domestic exploration and production, refining and marketing, chemicals and natural gas business. CNPC retained the assets and liabilities relating to its remaining business and operations, including assets and liabilities relating to international crude oil and natural gas exploration and production and refining and pipeline operations. CNPC is the Company's primary provider of a wide range of services and products. Upon completion of the Global Offering, CNPC will own an approximately 90.00 per cent interest in the Company (approximately 88.65 per cent if the Over-allotment Options are exercised in full), and will remain the Company's majority shareholder.

PetroChina is one of the largest companies in China in terms of sales.

PetroChina engaged in a broad range of petroleum-related activities, including:
The exploration, development and production of crude oil and natural gas;
The refining, transportation, storage and marketing, including import and export, of crude oil and petroleum products;
The production and sale of chemicals;
The transmission, marketing and sale of natural gas.
In the nine months ended September 30, 1999, PetroChina had total revenue of RMB 126,181 million and net income of RMB 20,779 million. Following the global offering of our shares, PetroChina will be the world's fourth largest publicly traded oil and gas company, based on 1998 proved hydrocarbon reserves.

Attention please: This homepage is not that of PetroChina, if you are interested in the information of PetroChina, please visit the homepage of PetroChina.

As a comprehensive industrial corporation whose businesses include oil and natural gas exploration and development, petrochemical production, petroleum trade, and servicing of petroleum-related projects, CNPC has abundant resources of oil and natural gas and reliable economic, technical and talent basis, and considerable experience in the exploration and development of oil and natural gas, in terms of large-scaled petroleum exploration projects, CNPC has comprehensive economic strength including overall advantage and integrated effect.