Company profile · Energy
PetroChina
中国石油天然气股份有限公司
PetroChina is the listed arm of CNPC, China's largest oil and gas producer: it produces most of the country's crude oil and natural gas, refines and sells fuels through the largest service-station network, imports gas by pipeline and LNG, and is one of the largest companies in the world by revenue.
Key facts
Overview
PetroChina was formed in 1999 when China National Petroleum Corporation transferred its core exploration, production, refining and marketing assets into a joint-stock company that listed in New York and Hong Kong in 2000 and Shanghai in 2007 (the New York listing was withdrawn in 2022). It produces oil and gas in Daqing, Xinjiang, Sichuan, Changqing and offshore, operates refineries and chemical plants, sells fuels through more than 20,000 stations, and runs the pipeline and LNG import business that feeds China's gas demand — including the Power of Siberia pipeline from Russia.
With revenue near three trillion yuan, PetroChina is consistently among the five largest companies in the world; its parent CNPC also holds overseas upstream assets in Central Asia, Africa, the Middle East and Latin America.
Market position
China's largest oil and gas producer and one of the three state energy majors with Sinopec (largest refiner) and CNOOC (offshore). Its strength is upstream and gas; Sinopec leads in refining and retail.
Key strengths
- Largest domestic oil and gas production
- Gas pipelines and LNG import network
- National fuel retail network
- Refining and petrochemicals scale
- State backing and parent's overseas assets
What the company does
Upstream
- Crude oil and natural gas exploration and production
- Overseas production through CNPC
Downstream
- Refining, petrochemicals
- Fuel retail (service stations)
- Lubricants
Gas and pipelines
- Gas import (pipeline, LNG)
- Gas distribution and sales
Present in about 30 countries. Regions: China, Central Asia, Middle East, Africa, Latin America, Russia (imports). Overseas assets mostly held by parent CNPC; PetroChina holds some international upstream stakes.
For a foreign counterparty
- Scale buyer and seller
- One of the largest buyers of crude, LNG and oilfield equipment and services worldwide.
- Gas market access
- The main counterparty for pipeline and LNG supply into China.
- Technology and equipment demand
- Large procurement of drilling, refining and chemical technology.
Considerations
- State and geopolitical exposure
- Purchases follow state energy policy; Russian and Iranian supply links and sanctions regimes require careful screening by counterparties.
- Energy-transition risk
- Oil demand in China is near its peak as electric vehicles spread; the company is investing in gas, renewables and hydrogen.
- Procurement processes
- Tender-based, formal and slow for foreign suppliers.
Milestones
- 1999-11 — Formed from CNPC's core assets
- 2000-04 — Listed in New York and Hong Kong
- 2007-11 — Shanghai A-share listing
- 2019-12 — Power of Siberia pipeline from Russia begins deliveries
- 2022-09 — New York listing withdrawn
- 2024 — Revenue about 2.94 trillion yuan
Official site: www.petrochina.com.cn/ptr/
Frequently asked questions
Sources
- PetroChina 2024 annual report — PetroChina (retrieved 6 September 2026)
- Fortune Global 500, 2025 — Fortune (retrieved 6 September 2026)
- PetroChina (0857) filings — Hong Kong Exchanges and Clearing (retrieved 6 September 2026)
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