Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. PetroChina Company Limited
  6. News
  7. Summary
    857   CNE1000003W8

PETROCHINA COMPANY LIMITED

(857)
  Report
End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 06/18
3.58 HKD   -2.45%
06/21China launches crude oil options open to foreign traders
RE
06/21PETROCHINA COMPANY LIMITED : Ex-dividend day for final dividend
FA
06/16Hong Kong Hang Seng Off 0.7%, Shanghai Down 1.1% As Tech Slips
MT
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

PetroChina : Potential Connected Transaction Proposed Participation in The Establishment of An Industry Investment Company

04/29/2021 | 05:13am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

中國石油天然氣股份有限公司

PETROCHINA COMPANY LIMITED

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 857)

POTENTIAL CONNECTED TRANSACTION

PROPOSED PARTICIPATION IN THE ESTABLISHMENT OF AN INDUSTRY

INVESTMENT COMPANY

This announcement is made by PetroChina Company Limited (the "Company") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (the "SFO") (Chapter 571, Laws of Hong Kong).

The board of directors (the "Board") of the Company announces that China National Petroleum Corporation ("CNPC"), the Company and CNPC Capital Company Limited ("CNPC Capital", together with CNPC and the Company, the "Parties") proposed to jointly establish an industry investment company (the "Proposed Target Company") (the "Potential Connected Transaction").

1. PRELIMINARY PROPOSAL OF POTENTIAL CONNECTED TRANSACTION

Proposed

CNPC Kunlun Capital Company Limited(中國石油集團昆侖

company name

資本有限公司)

Proposed

Hainan Province or Shanghai City in the PRC

registered

address

Proposed

RMB10 billion

registered

capital

1

Proposed

Parties

Proposed

Shareholding in

contribution

Subscription

the

Proposed

and

Amount RMB in

Target

Company

shareholding

billion

after

the

structure

Proposed

Subscription

%

CNPC

5.1

51.0

The Company

2.9

29.0

CNPC Capital

2.0

20.0

Proposed

Contribution in cash by the self-owned funds

source

and

form

of

contribution

Proposed

The Parties will pay their respective proposed subscription

payment

amount in 3 steps within three years by the ratio of 3:3:4.

schedule

As of the date of this announcement, the Parties has not entered into any legally binding agreement on the Potential Connected Transaction, the proposal of the Potential Connected Transaction has not been finalized and is still subject to the adjustment based on the transaction situations.

2. REASONS FOR AND BENEFITS OF THE PROPOSED CONNECTED TRANSACTION

Participation in the establishment of the Proposed Target Company which will be specialized in the investment of strategic emerging industries will be beneficial to (i) the implementation of the Company's innovative strategy and green low-carbon strategy by investing in strategic emerging industries to build a multi-functional business structure; (ii) discovering the strategic investment opportunities through financial investments, playing the role of industrial capital in incubation and development, and promoting the elevation of capital and financial business, to foster the formation of new technologies and new business scenarios; and (3) revitalizing the capital stock, realizing the rational flow of capital and maintaining and increasing the value.

3. LISTING RULES IMPLICATION

As at the date of the announcement, CNPC is the controlling shareholder of the Company, and is therefore a connected person of the Company under Chapter 14A of the Listing Rules. CNPC Capital constitutes a connected person of the Company by virtue of being an associate of CNPC and the Potential Connected Transaction, if materializes, will constitute a connected transaction of the Company under Chapter 14A of the Listing Rules. The Company will make further announcement as and when appropriate in accordance with the Listing Rules.

Due to their positions in CNPC and/or its associates, each of Mr. Dai Houliang, Mr. Li Fanrong, Mr. Duan Liangwei, Mr. Liu Yuezhen, Mr. Jiao Fangzheng and Mr. Huang Yongzhang has abstained from voting on the Board resolution approving the Potential Connected Transaction.

2

4. INFORMATION OF THE PARTIES

The Company

The Company was established as a joint stock company limited

by shares incorporated in the PRC on 5 November 1999 under

the Company Law of the People's Republic of China ("Company

Law"). The Company principally engages in the exploration,

development, production and sales of crude oil and natural gas;

the refining of crude oil and petroleum products; the production

and sales of basic and derivative chemical products and other

chemical products; the marketing and trading of refined

products; and the transmission of natural gas, crude oil and

refined products, and the sales of natural gas.

CNPC

CNPC is a state-authorized investment corporation and state-

owned enterprise, and also the controlling shareholder and a

connected person of the Company. CNPC is an integrated energy

corporation with businesses covering oil and gas exploration and

development, refining and petrochemical, oil product marketing,

oil and gas storage and transportation, international trading,

engineering and technical services and petroleum equipment

manufacturing.

CNPC Capital

CNPC Capital, a subsidiary of CNPC, is a company listed on

Shenzhen Stock Exchange that was renamed in early 2017 after

the reorganization of the assets of Jinan Diesel Engine Company

Limited. The stock code 000617 remains unchanged, and the

stock abbreviation is "CNPCCCL". As a company specialized in

financial business management, it serves as a platform for

financial business integration, financial equity investment,

financial asset supervision, and financial risk control of CNPC.

CNPC Capital is an all-round comprehensive financial business

company and its business scope covers financial company,

banking, financial leasing, trust, insurance, insurance brokerage,

securities and other businesses.

The Potential Connected Transaction may, or may not, proceed. Therefore, the shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company.

By order of the Board

PetroChina Company Limited

Company Secretary

Chai Shouping

Beijing, the PRC

29 April 2021

As at the date of this announcement, the Board comprises Mr. Dai Houliang as Chairman; Mr. Li Fanrong as Vice Chairman and non-executive Director; Mr. Duan Liangwei, Mr. Liu Yuezhen and Mr. Jiao Fangzheng as non-executive Directors; Mr. Huang Yongzhang as executive Director; and Ms. Elsie Leung Oi-sie, Mr. Tokuchi Tatsuhito, Mr. Simon Henry, Mr. Cai Jinyong and Mr. Jiang, Simon X. as independent non-executive Directors.

3

Disclaimer

PetroChina Company Ltd. published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 09:12:02 UTC.


© Publicnow 2021
All news about PETROCHINA COMPANY LIMITED
06/21China launches crude oil options open to foreign traders
RE
06/21PETROCHINA COMPANY LIMITED : Ex-dividend day for final dividend
FA
06/16Hong Kong Hang Seng Off 0.7%, Shanghai Down 1.1% As Tech Slips
MT
06/13CNOOC  : CNODC to Pay Nearly $3 Billion for Brazilian Oilfield Surplus
MT
06/11Hong Kong Hang Seng Up 0.4% On Oil Issues; Tech Shares Gain
MT
06/11China's teapots snap up fuel oil after 5-year import hiatus - sources
RE
06/10PETROCHINA  : RESOLUTIONS PASSED AT THE ANNUAL GENERAL MEETING FOR THE YEAR 2020..
PU
06/10PETROCHINA  : Resolutions Passed at the Annual General Meeting for the Year 2020..
PU
06/08EXCLUSIVE : China tells PetroChina to stop trading off oil quotas with teapots
RE
06/02Asian ADRs Slightly Lower in Wednesday Trading
MT
More news
Financials
Sales 2021 2 200 B 341 B 341 B
Net income 2021 66 222 M 10 251 M 10 251 M
Net Debt 2021 307 B 47 566 M 47 566 M
P/E ratio 2021 7,85x
Yield 2021 6,61%
Capitalization 887 B 137 B 137 B
EV / Sales 2021 0,54x
EV / Sales 2022 0,51x
Nbr of Employees 432 003
Free-Float 15,9%
Chart PETROCHINA COMPANY LIMITED
Duration : Period :
PetroChina Company Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PETROCHINA COMPANY LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 3,25 CNY
Last Close Price 2,85 CNY
Spread / Highest target 53,2%
Spread / Average Target 14,3%
Spread / Lowest Target -14,6%
EPS Revisions
Managers and Directors
NameTitle
Yong Zhang Huang President & Executive Director
Shou Ping Chai Chief Financial Officer & Secretary
Hou Liang Dai Chairman
Bo Lü Chairman-Supervisory Board
Jigang Yang Chief Engineer
Sector and Competitors
1st jan.Capitalization (M$)
PETROCHINA COMPANY LIMITED49.17%137 243
SAUDI ARABIAN OIL COMPANY0.71%1 881 564
ROYAL DUTCH SHELL PLC14.93%150 030
TOTALENERGIES SE13.20%123 253
GAZPROM28.59%88 167
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-0.07%73 789