PetroChina engages in a wide range of activities related to oil and natural gas, including exploration, development, production and marketing of crude oil and natural gas; refining, transportation, storage and marketing of crude oil and oil products; the production and marketing of primary petrochemical products, derivative chemicals and other chemicals; transportation of natural gas, crude oil and refined oil, and marketing of natural gas.
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PetroChina was established on 5 November 1999 as a subsidiary of the China National Petroleum Corporation (CNPC). Restructuring the business, CNPC injected most of its assets and liabilities relating to its exploration and production, refining and marketing, chemical and natural gas businesses into PetroChina.
The company claims to be China's largest producer of crude oil and natural gas, and one of the largest companies in China in terms of sale.
Please see Arrow Energy shareholders approve takeover by PetroChina, Shell on ICIS news. For more on Shell click here.
In September 2009, Petrochina held approximately 96.18% of Singapore Petroleum Company Limited (SPC). For more on this story please see PetroChina owns 96.18% of SPC after closing mandatory offer on ICIS news.
It is engaged in a broad range of petroleum-related activities and organised into four sectors:
Chemicals and Marketing
PetroChina produces and sales a number of chemical products and takes care of the chemical industrial business of regional companies.
Chemical products - The company is a major producer of ethylene in China. It uses the bulk of its ethylene as a principal feedstock for the production of many chemical products, such as polyethylene.
Sales & marketing - PetroChina's chemical products are distributed to a number of industries. The company's chemical products are marketed directly or indirectly through six sales and technical service centres, each responsible for marketing and providing after-sales services in respect of plastics, fibres, rubbers, fertilisers, organic chemical feedstock and catalysts and additives.
Exploration and Production
This division is engaged in crude oil and natural gas exploration and production in China. It takes care of oil and gas exploration and development at 13 domestic oil and gas fields.
Reserves - It has estimated proved reserves of crude oil and natural gas totalling approximately 11.6bn barrels of oil (in 2007).
Exploration & development - The company has conducted exploration and development efforts in 13 provinces, two municipalities and three autonomous regions in China. Beginning in the early 1950s, the company has worked for nearly five decades to develop exploration and recovery technologies and methods tailored to the specific geological conditions in China.
Refining and Marketing
PetroChina is involved in refining, transportation, storage and marketing, including import and export, of crude oil and petroleum products.
Refining - PetroChina claims to be one of the largest oil product producers and distributors in China. It produces a wide range of refined products at its refineries.
Some of its products are consumed internally as feedstocks for its chemical operations. With the primary processing capacity exceeding 100m tonne/year, PetroChina claims to provide the Chinese market with more than 43% of the total volume for gasoline, kerosene, diesel and lubricating oil each year.
Transportation & storage - PetroChina has an extensive network for the transportation, storage and distribution of both crude oil and refined products, which covers many regions of China. Its goal is to exploit and optimise its existing infrastructure to further consolidate its presence as the leading integrated oil and gas company in China.
Marketing - By establishing around 20 marketing companies and one marine shipping company, a complete marketing and sale network of PetroChina has taken shape for its refined products.
Natural Gas and Pipelines
PetroChina occupies a dominant position in China's natural gas sector, and claims to be the largest natural gas producer, transporters and distributor in China. PetroChina's natural gas pipeline totals 20,590 km, which it states is 95% of the Chinese national total and possesses 8,756 km crude oil pipeline, 77.8% of the Chinese national total.
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PetroChina's management will persist in enhancing the company's value and strive to maximise the benefit and value for its shareholders. The company will make substantial efforts in technological and management innovation, further strengthen its internal control mechanism and monitoring system which comply with regulatory requirements in the market. This it hopes will promote the continuous, effective and relatively speedy development of the company into the future. (Edited from annual report and company website). ICIS also provides you with key financial data listed in table form.
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