PetroChina

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PetroChina Company Limited

Type	Public (SEHK: 0857, NYSE: PTR)
Founded	1999
Headquarters	Dongcheng, Beijing, People's Republic of China
Key people	Geng Chen, Chairman. Jiemin Jiang, President, Vice-Chairman. Guoliang Wang, CFO.
Industry	Integrated oil and gas
Revenue	$41.7 billion USD 2005
Employees	439,220
Website	http://www.petrochina.com.cn/english

PetroChina Company Limited (SEHK: 0857, NYSE: PTR) is the listed arm of China National Petroleum Corporation (CNPC), mainland China's biggest producer of oil.^[1] Its largest foreign shareholder is Berkshire Hathaway (1.3% owned at the end of 2004).

Traded in Hong Kong and New York, the mainland enterprise had announced its plans to issue stock in Shanghai.^[1]

1 History
2 Recognition
3 References
4 External links

[edit] History

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 its exploration and production, refining and marketing, chemicals and natural gas businesses.

Although PetroChina is the most profitable company in Asia, this success is not the result of corporate management, but due to its duopoly on the wholesale and retail business of oil products with Sinopec in China. If the present high oil price continues in China, PetroChina might prolong its success.

Because of its investment link to Sudan, several institutional investors such as Harvard and Yale decided, in 2005, to divest from this company. Sudan divestment efforts have continued to be concentrated on PetroChina since then.^[2]

[edit] Recognition

Forbes published its latest ranking of the “Forbes 2000 The World’s Leading Companies”. The company ranked first amongst companies in China and ranked 55 worldwide.
The Company won a series of awards in the competition organised by FinanceAsia, an influential magazine in Asia Pacific capital markets. The Company won the following awards:

Best Dividend Payout Policy, 1st

Best Corporate Governance, 5th

Best Investor Relations, 5th

AsiaMoney’s 2004 “Annual Best-Managed Large Companies Poll”, the Company was awarded the “Overall Best-Managed Large Cap Company” and “Overall Most Improved Company for Best-Management Practices” Awards.