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China National Petroleum Corporation
The China National Petroleum Corporation (CNPC; Chinese: 中国石油天然气集团公司; pinyin: Zhōngguó Shíyóu Tiānránqì Jítuán Gōngsī) is a major national oil and gas corporation of China and one of the largest integrated energy groups in the world. Its headquarters are in Dongcheng District, Beijing. CNPC was ranked fourth in 2022 Fortune Global 500, a global ranking of the largest corporations by revenue.
CNPC is the government-owned parent company of publicly listed PetroChina, which was created 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 hydrocarbon exploration and production, refining and marketing, chemicals and natural gas businesses. CNPC and PetroChina develop overseas assets through a joint venture, the CNPC Exploration & Development Company (CNODC), which is 50% owned by PetroChina.
In March 2014, CNPC Chairman Zhou Jiping announced that CNPC would be opening six business units to private investors.
CNPC also has a memorandum of understanding with UOP Llc, under which the two companies will collaborate on a range of biofuels technologies and projects in China.
Unlike the Chinese Petroleum Corporation (CPC Corporation), which was relocated to Taiwan with the retreat of the Republic of China following the communist revolution in 1949, CNPC originated as a governmental department under the Government of the People's Republic of China. In 1949, the Chinese government formed a 'Fuel Industry Ministry' dedicated to the management of fuel. In January 1952 a division of the fuel ministry was formed to manage petroleum exploration and mining, called the 'Chief Petroleum Administration Bureau'. In July 1955 a new ministry was created to replace the Fuel Industry Ministry, called the Ministry of Petroleum. From 1955 to 1969, approximately 4 oil fields were found in 4 areas in Qinghai, Heilongjiang (Daqing oilfield), Bohai Bay and Songliao basin. CNPC was created on 17 September 1988, when the government decided to create a state-owned company to handle all Petroleum activities in China and disbanded the Ministry of Petroleum.
CNPC's international operations began in 1993. The CNPC subsidiary SAPET signed a service contract with the government of Peru to operate Block VII in the Talara Province basin. This was followed by an oil contract with the government of Sudan "In June 1997, the Greater Nile Petroleum Operating Company was established with the China National Petroleum Corporation (CNPC) taking 40 percent ownership". In August 2005 it was announced that CNPC agreed to buy the Alberta-based PetroKazakhstan for US$4.18 billion, then the largest overseas acquisition by a Chinese company. The acquisition went through on 26 October 2005 after a Canadian court turned down an attempt by LUKoil to block the sale. In 2006 67% of shares were sold from the parent company to PetroChina In June 1997, the company bought a 60.3% stake in the Aktobe Oil Company of Kazakhstan, and in July 1997 CNPC won an oil contract for the Intercampo oilfield and East Caracoles oilfield in Venezuela.[citation needed]
In July 1998, the government restructured the company in accordance with the upstream and downstream principle of the oil industry. and CNPC spun off most of its domestic assets into a separate company, PetroChina. On 5 November 2007, HK listed PetroChina was listed as an A-share in the Shanghai Stock Exchange.
Driven by China's increasing energy needs and supported by the government's Go Out policy, CNPC was among the state-owned enterprises which expanded internationally. Because the more accessible oil resources had already been claimed, CNPC and other enterprises entered less politically stable countries with greater political and security risks.
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China National Petroleum Corporation
The China National Petroleum Corporation (CNPC; Chinese: 中国石油天然气集团公司; pinyin: Zhōngguó Shíyóu Tiānránqì Jítuán Gōngsī) is a major national oil and gas corporation of China and one of the largest integrated energy groups in the world. Its headquarters are in Dongcheng District, Beijing. CNPC was ranked fourth in 2022 Fortune Global 500, a global ranking of the largest corporations by revenue.
CNPC is the government-owned parent company of publicly listed PetroChina, which was created 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 hydrocarbon exploration and production, refining and marketing, chemicals and natural gas businesses. CNPC and PetroChina develop overseas assets through a joint venture, the CNPC Exploration & Development Company (CNODC), which is 50% owned by PetroChina.
In March 2014, CNPC Chairman Zhou Jiping announced that CNPC would be opening six business units to private investors.
CNPC also has a memorandum of understanding with UOP Llc, under which the two companies will collaborate on a range of biofuels technologies and projects in China.
Unlike the Chinese Petroleum Corporation (CPC Corporation), which was relocated to Taiwan with the retreat of the Republic of China following the communist revolution in 1949, CNPC originated as a governmental department under the Government of the People's Republic of China. In 1949, the Chinese government formed a 'Fuel Industry Ministry' dedicated to the management of fuel. In January 1952 a division of the fuel ministry was formed to manage petroleum exploration and mining, called the 'Chief Petroleum Administration Bureau'. In July 1955 a new ministry was created to replace the Fuel Industry Ministry, called the Ministry of Petroleum. From 1955 to 1969, approximately 4 oil fields were found in 4 areas in Qinghai, Heilongjiang (Daqing oilfield), Bohai Bay and Songliao basin. CNPC was created on 17 September 1988, when the government decided to create a state-owned company to handle all Petroleum activities in China and disbanded the Ministry of Petroleum.
CNPC's international operations began in 1993. The CNPC subsidiary SAPET signed a service contract with the government of Peru to operate Block VII in the Talara Province basin. This was followed by an oil contract with the government of Sudan "In June 1997, the Greater Nile Petroleum Operating Company was established with the China National Petroleum Corporation (CNPC) taking 40 percent ownership". In August 2005 it was announced that CNPC agreed to buy the Alberta-based PetroKazakhstan for US$4.18 billion, then the largest overseas acquisition by a Chinese company. The acquisition went through on 26 October 2005 after a Canadian court turned down an attempt by LUKoil to block the sale. In 2006 67% of shares were sold from the parent company to PetroChina In June 1997, the company bought a 60.3% stake in the Aktobe Oil Company of Kazakhstan, and in July 1997 CNPC won an oil contract for the Intercampo oilfield and East Caracoles oilfield in Venezuela.[citation needed]
In July 1998, the government restructured the company in accordance with the upstream and downstream principle of the oil industry. and CNPC spun off most of its domestic assets into a separate company, PetroChina. On 5 November 2007, HK listed PetroChina was listed as an A-share in the Shanghai Stock Exchange.
Driven by China's increasing energy needs and supported by the government's Go Out policy, CNPC was among the state-owned enterprises which expanded internationally. Because the more accessible oil resources had already been claimed, CNPC and other enterprises entered less politically stable countries with greater political and security risks.
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