PetroChina

As its name suggests, PetroChina Company Ltd is the listed arm of state-owned China National Petroleum Corporation (CNPC). It is China's biggest oil producer, and is listed in Hong Kong, New York, and Shanghai.

High prices threaten Beijing's target of natural gas accounting for 10pc of energy use

Weaker then expected demand for natural gas has been attributed to the mainland's economic slowdown and factors such as a relatively warmer winter. Photo: AP

The central government risks missing its target for natural gas to account for more than 10 per cent of mainland energy consumption by the end of the decade if prices for the cleaner-burning fuel are not cut fast enough, according to a gas market researcher.

Sunday, 21 June, 2015, 9:45pm

Graft watch

Graft watch

16 Jun 2015 - 9:36am

PetroChina’s 2014 net profit tumbles 17.3 per cent as plunge in oil prices weigh

The logo of PetroChina at a gas station in China. Photo: Bloomberg

PetroChina, the nation’s largest oil and gas producer, posted a 17.3 per cent decline in net profit for last year on the back of oil prices which tumbled to its lowest in six years.

26 Mar 2015 - 5:36pm

Chinese city lashes PetroChina unit over chemical leaks

PetroChina unit Lanzhou Petrochemical has been taken to task over chemical leaks. Photo: Reuters

Lanzhou Petrochemical, a subsidiary of oil and gas giant PetroChina, has agreed to fix its problems "immediately" after a rare public rebuke for a string of serious pollution leaks.

12 Jan 2015 - 8:08am 1 comment

PetroChina shuts two liquefaction plants as it reviews LNG push

PetroChina has shut two major gas liquefaction plants as it reconsiders its investment in liquefied natural gas (LNG). Photo: Reuters

Energy firm PetroChina is reviewing its multibillion-dollar push to produce liquefied natural gas (LNG) to fuel trucks and ships in place of diesel, shutting two major gas liquefaction plants, sources said.

20 Aug 2014 - 12:36am

Usage and supply to offset gas price rises, PetroChina unit says

Barclays' analysts forecast mainland gas prices to rise at an average annual rate of 15 per cent between 2012 and next year, slowing to an average 9 per cent in the three years to 2018. Photo: AFP

Gas price rises by Beijing last year depressed demand for the fuel but the impact will be more than offset by rising consumption and greater supply in the long term, according to Kunlun Energy.

13 Jun 2014 - 5:57am

Wang Shuaiting latest head to roll in China Resources graft investigation

Wang Shuaiting is believed to be the third former China Resources executive detained after former chairman Song Lin was placed under graft investigation in April.

Wang Shuaiting, the chairman of the listed subsidiary of China Travel Service (Holdings) Hong Kong, is being investigated on suspicion of seriously violating law and party discipline "during his tenure with China Resources".

17 May 2014 - 10:29am

PetroChina ready to sell more of its pipeline assets

PetroChina said it will inject parts of the first and second west-to-east gas pipelines that link gas sources from northwest China to the eastern and southern coastal markets, into a new firm called PetroChina Eastern Pipelines. Photo: Reuters

Oil and gas giant PetroChina unveiled a plan to sell its entire stake in some sections of its west-to-east natural gas pipelines, worth some 39 billion yuan (HK$49 billion), in the second pipeline assets disposal in a year.

13 May 2014 - 1:13am 1 comment

PetroChina sets spending limit for next few years to improve efficiency

PetroChina has further reduced its capital expenditure for this year, by 7 per cent. Photo: AFP

PetroChina will limit its spending for production capacity expansion in the next few years to 296.5 billion yuan (HK$370 billion), after cutting it last year for the first time since its listing in 1999.

21 Mar 2014 - 5:23am

PetroChina to explore new areas in Xinjiang oilfields

A crude oil production site in PetroChina's Xinjiang Oilfield Company in Karamay, Xinjiang. PetroChina plans to open some 100,000 square kilometres of unexplored areas in Xinjiang. Photo: Xinhua

PetroChina, the nation's largest oil and gas producer, will open areas in three oilfields in Xinjiang for exploration with local and foreign companies.

12 Mar 2014 - 6:03pm

PetroChina, Sinopec to seek private capital

PetroChina says more competition is being encouraged in the oil and gas industry. Photo: Reuters

PetroChina and Sinopec, the mainland's duopoly onshore oil and gas giants, will pursue capital investment from the private sector, the state-backed firms' chiefs said yesterday.

Their gas-related businesses will be a key area for co-operation, they said.

6 Mar 2014 - 12:33am

PetroChina, Sinopec expected to cut back on capital spending

Oil refining giants PetroChina and Sinopec are expected to become less capital-intensive, less acquisitive and more cost-conscious. Photo: AP

PetroChina, which leads the world's companies in capital expenditure, and fellow oil and gas producer China Petroleum & Chemical (Sinopec) are expected to trim spending in the next few years.

Contributing factors are flat oil prices, rising debt, slowing growth in demand and excess capacity in oil refining and chemicals.

20 Feb 2014 - 12:18am

CNPC's major gas find may be more hot air

A number of oil and gas discoveries by CNPC unit PetroChina have turned out to be less impressive than expected. Photo: Reuters

While a major gas discovery announced by PetroChina last week triggered a spike in its share price, analysts said any such news should be taken with a pinch of salt given the firm's tarnished track record in bringing previously announced major discoveries to production.

17 Feb 2014 - 5:30am

China's oil refining party at an end as capacity is cut

Refining economics will have to improve to justify the expense of building and operating costly plants. Photo: EPA

Mainland refiners, like many before them, now realise that parties don't last forever and eventually everyone has to sober up. The decision by state-controlled giant PetroChina to put off two new refineries and delay expansion of another is the latest, most dramatic signal that the mainland's refined fuels capacity has expanded too fast.

4 Feb 2014 - 5:44am

SEC warns it may act against PetroChina over Iran dealings

Energy firm PetroChina previously said it had bought some crude oil from certain countries on the US sanction list such as Sudan. Photo: AFP

The US Securities and Exchange Commission (SEC) has warned it might take action against PetroChina after the energy giant admitted for the first time to doing business with its state-owned parent that involved countries under US sanctions, including Iran and Sudan.

18 Jan 2014 - 12:45am 2 comments

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