Summary
PetroChina, the national champion that inherited the majority of Chinese onshore oil and gas assets, has developed into an international supermajor, with an expansive pipeline network that supplies more than 75% of China’s natural gas demand. It produces more than 1.4 billion barrels of oil equivalent of oil and gas annually and has more than 1.2 billion barrels of annual crude oil primary distillation capacity and roughly 21,000 service stations. The fluctuations in the prices of crude oil, refined products, chemical products, and natural gas have a significant impact on PetroChina’s revenue. State-owned China National Petroleum Corp is PetroChina’s controlling shareholder with a stake of more than 80%. The firm’s competitors in China are Sinopec and CNOOC.