- Business
- PetroChina Company Limited, a subsidiary of China National Petroleum Corporation, engages in the exploration, development, production, transportation, and marketing of crude oil and natural gas; refining of crude oil into petroleum products; production and sale of primary and derivative petrochemicals, other chemical products, and new materials; marketing and trading of refined products and non-oil products; and transportation and sales of natural gas, along with new energy resource activities including renewables. The company operates through Oil, Gas and New Energy Resource; Refining, Chemicals and New Materials; Sales; and Natural Gas Sales segments, serving domestic and international markets with primary operations in Mainland China, as well as overseas assets in regions such as Asia, Europe, and the Americas. Founded in 1999 and headquartered at No. 9 Dongzhimen North Street, Dongcheng District, Beijing, China, PetroChina maintains a global footprint through subsidiaries like PetroChina International for trading crude oil, refined products, petrochemicals, and natural gas. In recent developments, the company proposes to acquire three natural gas storage facilities—Xinjiang, Xiangguosi, and Liaohe—from parent CNPC for approximately RMB40 billion ($5.6 billion) to expand storage capacity by nearly 11 billion cubic meters; approves a $9.56 billion northeast refinery complex in Dalian following the closure of its prior Dalian facility; and through PetroChina International, inks multiple LNG agreements at Gastech 2025 including with Equinor for natural gas collaboration, Botas for LNG sales, Titan Clean Fuels for bunkering, and Singapore GasCo for purchases. PetroChina also partners on LNG Canada as a 15% stakeholder receiving first cargoes in 2025, signs production sharing contracts with Staatsolie for Suriname offshore blocks, and advances new energy via acquisitions like CNPC's Electric Energy unit for $839 million to support renewables and hydrogen initiatives.