PetroChina Company Limited was established as a joint stock company with limited liability under the Company Law of the Republic of China on November 5, 1999, as part of the restructuring of China National Petroleum Corporation.

As one ot the largest oil and gas companies in the PRC in ther of sales, PetroChina is engaged in a broad range of petroleum and natural gas-related activities. Petrochina has grouped its operations into four divisions. These include:

* Exploration, development, production and sale of crude oil and natural gas;
* Refinining, transportation, storage and marketing of crude oil and petroleum products;
* Production and sale of basic petrochemical products, derivative chemical products and others chemical products; and
* Transmission of natural gas and crude oil, as well as the sale of natural gas.

The American Depository Shares and Hongkong H shares issued by PetroChina were listed on the New York Stock Exchange and Hongkong Stock Exchange on Qpril 6, 2000 and April 7, 2000, respectively. Outstanding financial performance with net profits of 55,231 billion RMB Yuan in 2000 and 46,808 billion RMB Yuan in 2001 placed PetroChina at the top among public companies in Asia during those two years

In 1970, Trend International Limited - which later became Santa Fe Energy Resources - joined a multinational team of joint venture partners and signed its first production-sharing contract with Pertamina, Indonesia's national oil company. In 2000, Santa Fe Energy Resources was acquired by Devon Energy, and in June 2002, PetroChina acquired Devon Energy Companies in Indonesia. Through this acquisition, PetroChina has tapped into the success story of oil and natural gas exploration and production in Indonesia.

Indonesia is the first of PetroChina's international oil and gas exploration and production operations, with fields in Jabung (located in the Sumatran province of Jambi), Irian Jaya, and East Java. Together, these fields account for approximately 63,000 BOEPD.

With the signing of a 20-year agreement to supply Indonesian natural gas to Singapore in February 2001, PetroChina was able to capitalize on its extensive gas reserves in Indonesia - and to provide much needed energy to one of the world's most rapidly developing regions.