PetroChina: Difference between revisions
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Because of its perceived link to [[Sudan]], several institutional investors such as [[Harvard]] and [[Yale]] decided, in 2005, to divest from Sinopec. Sudan divestment efforts have continued to be concentrated on PetroChina since then.<ref>[http://www.sudandivestment.org/docs/berkshire_response.pdf Response to Berkshire Hathaway's statement on its holdings in PetroChina Company Limited], Sudan Divestment Task Force, [[2007-02-23]]. Retrieved on [[2007-03-28]].</ref> |
Because of its perceived link to [[Sudan]], several institutional investors such as [[Harvard]] and [[Yale]] decided, in 2005, to divest from Sinopec. Sudan divestment efforts have continued to be concentrated on PetroChina since then.<ref>[http://www.sudandivestment.org/docs/berkshire_response.pdf Response to Berkshire Hathaway's statement on its holdings in PetroChina Company Limited], Sudan Divestment Task Force, [[2007-02-23]]. Retrieved on [[2007-03-28]].</ref> |
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At the beginning of May, 2007, the company announced it had made China's largest oil find for a decade off the country's north east coast, in an oilfield named Jidong Nanpu. <ref>http://news.bbc.co.uk/1/hi/business/6623179.stm</ref> |
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== Recognition == |
== Recognition == |
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Revision as of 14:16, 4 May 2007
| File:Ptrochina.gif | |
| Company type | Public (SEHK: 857, NYSE: PTR) |
|---|---|
| ISIN | US71646E1001  |
| Industry | Integrated oil and gas |
| Founded | 1999 |
| Headquarters | Dongcheng, Beijing, People's Republic of China |
Key people | Geng Chen, Chairman. Jiemin Jiang, President, Vice-Chairman. Guoliang Wang, CFO. |
| Revenue |  $41.7 billion USD 2005 |
| 42,098,000,000 ±500000 renminbi (2015) | |
| Total assets | 2,393,844,000,000 ±500000 renminbi (2015) |
Number of employees | 439,220 |
| Website | http://www.petrochina.com.cn/english |
PetroChina Company Limited (SEHK: 857, 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]
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 perceived link to Sudan, several institutional investors such as Harvard and Yale decided, in 2005, to divest from Sinopec. Sudan divestment efforts have continued to be concentrated on PetroChina since then.[2]
At the beginning of May, 2007, the company announced it had made China's largest oil find for a decade off the country's north east coast, in an oilfield named Jidong Nanpu. [3]
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.
References
- 2004 Annual Report, pp.135, 137[1]
- ^ a b Analysts express optimism about Chinese shares (Xinhuanet.com, with source from Shanghai Daily)
- ^ Response to Berkshire Hathaway's statement on its holdings in PetroChina Company Limited, Sudan Divestment Task Force, 2007-02-23. Retrieved on 2007-03-28.
- ^ http://news.bbc.co.uk/1/hi/business/6623179.stm
External links
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