PetroChina Co. Ltd. history, profile and corporate video
PetroChina Co. Ltd. engages in the exploration, development, production and sale of crude oil and natural gas. The company also involves in the refining of crude oil and petroleum products, production and marketing of primary petrochemical products, derivative chemical products and other chemical products; the marketing of refined products and trading business; and the transmission of natural gas, crude oil and refined oil products and the sale of natural gas. It operates its business through five segments: Exploration & Production, Refining & Chemicals, Marketing, Natural Gas & Pipeline, and Other. The Exploration & Production segment is engaged in the exploration, development, production and marketing of crude oil and natural gas. The Refining & Chemicals segment is engaged in the refining of crude oil and petroleum products, production and marketing of primary petrochemical products, and derivative petrochemical products and other chemical products. The Marketing segment is engaged in the marketing of refined products and the trading of crude oil and petrochemical products. The Natural Gas & Pipeline segment is engaged in the transmission of natural gas, crude oil and refined products and the sale of natural gas. The Other segment relates to cash management and financing activities, the corporate center, research and development, and other business services supporting the operating business segments of the company. PetroChina was founded on November 5, 1999 and is headquartered in Beijing, China.“
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 November 5, 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 itsexploration and production, refining and marketing, chemicals and natural gasbusinesses.
Although PetroChina is the most profitable company in Asia, this success may be the result of corporate management, but can also be attributed to the nearduopoly on the wholesale and retail business of oil products it shares withSinopec in China.
Because of Sinopec’s link to Sudan through parent company China Petrochemical Corporation, several institutional investors such as Harvard andYale decided, in 2005, to divest from Sinopec. Sudan divestment efforts have continued to be concentrated on PetroChina since then. 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.
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 inBohai Bay. In May 2008 these expectations were lowered.
On November 7, 2007, Hang Seng Index Services Company announced that PetroChina would be a Hang Seng Index Constituent Stock, effective December 10, 2007.PetroChina has also come under scrutiny from international organizations for its part in trading with the Sudanese government who continues the ongoing war in Darfur.
On August 19, 2009, PetroChina signed an A$50 billion deal with ExxonMobil to purchase liquefied natural gas from the Gorgon field in Western Australia, 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”. 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.
PetroChina’s Dushanzi District refinery became fully operational on September 24, 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.
February 2011: PetroChina has agreed to pay $5.4 billion for a 49% stake in Duvernay shale assets owned by Encana. It is the China’s biggest investments in shale gas which is difficult-to-extract.PetroChina’s subsidiary in Canada is named Phoenix Energy Holdings and has an office in the Sun Life Tower at 140-4th Ave SW in Calgary. It operates under the direction of Li Zhiming as Brion Energy.
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “firecracker888“