Petrochina Co. Ltd. PCCYF

What this company does

PetroChina explores for, develops, transmits, produces and markets crude oil, natural gas and new energy; refines crude oil and petroleum products; produces and markets basic petrochemical products, derivative chemical products, other chemical products and new materials; markets and trades refined oil products and non-oil products; and sells natural gas. Substantially all of its crude oil and natural gas reserves and production-related assets are located in China. In 2022, crude oil output amounted to 906.2 million barrels and marketable natural gas output reached 4,675.0 Bcf. The company operates 33 enterprises located in nine provinces, four autonomous regions and three municipalities, engaged in the refining of crude oil and petroleum products and in the production and marketing of basic petrochemical products, derivative chemical products, new materials and other chemical products. In the same year those operations processed 1,212.7 million barrels of crude oil, produced 105.354 million tons of refined oil and turned out 31.568 million tons of chemical products. Its marketing network consists of nationwide wholesale distribution outlets and of service stations owned and operated by the company alongside franchised service stations owned and operated by third parties across China. Natural gas is sold primarily to industrial companies, power plants, fertilizer and chemical companies, commercial users and municipal utilities owned by local governments. PetroChina Company Limited was established as a joint stock company with limited liability under the Company Law of the PRC on November 5, 1999, as part of a restructuring in which CNPC transferred to it most of the assets and liabilities relating to exploration and production, refining and marketing, chemicals and natural gas businesses.

Written from the business description in PETROCHINA CO LTD's annual report to the U.S. Securities and Exchange Commission, filed 28 April 2023. Every sentence was checked against that document before publication.