PetroChina

PetroChina Company Limited is a Chinese company engaged in a wide range of petroleum related commercial activities. This Chinese business concern explores, develops, produce and sells crude gas and natural gas. It is a listed division of China National Petroleum Corporation (CNPC).
PetroChina refines, transports, stores and markets its crude oil and petroleum products throughout People's Republic of China. This company is listed in Hong Kong (SEHK: 0857) and New York (NYSE: PTR) stock exchanges. PetroChina is ranked number 30 in 2008 Forbes Global 2000 list. Brief history PetroChina plays a major role in oil and gas industry of China. It was established on 5th November, 1999 as a joint stock company with limited liabilities. Formation of PetroChina was part of restructuring process within China National Petroleum Corporation. PetroChina inherited most of its assets and liabilities relating to oil exploration and production from CNPC. Other business processes, including marketing and refining of natural gas and chemicals was also a legacy of CNPC. PetroChina shares a duopoly over wholesale and retail oil business in People's Republic of China with another Chinese Government backed company, Sinopec. This firm had notable successes in exploration of oil. It made a discovery of Chinese largest oil reserves off China's northeast coast. Jidong Nanpu in Bohai Bay is now undergoing preliminary developmental activities. PetroChina became a Hang Seng Index Constituent Stock from 10th December, 2007. Products and services PetroChina Company Limited is engaged in following commercial activities within People's Republic of China: Exploration, development, production and marketing of natural gas and crude oil Refining, transportation, storage and marketing of oil products and crude oil Production and marketing of derivative chemicals, primary petrochemical products and related chemical products. Transportation of refined oil, crude oil and natural gas. Marketing of natural gas Financials Market capitalization of PetroChina was USD 423.996 billion in 2008. In 2007, total revenues of Chinese petrochemical giant was USD 114.317 billion. Total assets of PetroChina was worth USD 145.132 billion in 2007. Equity value came to around USD 100.403 billion. Number of employees working with PetroChina is approximately 460,000.
Awards and recognition This Chinese petroleum company has won AsiaMoney's ' Annual Best-Managed Large Companies Poll' in 2004. It also won 'Overall Best-Managed Large Cap Company' award in the same year. It also won awards for best management practices. Current financial crisis PetroChina suffered a limited financial setback during 2008 financial crisis. It was due to reduced demand of oil. PetroChina is currently aiming to strengthen its core business of oil and gas exploration and production.It is investing to find more gas and oil resources both in China and abroad.