China National Petroleum Corporation

China National Petroleum Corporation

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China National Petroleum Corporation

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China National Petroleum Corporation (CNPC) ()A common shortname for the corporation in Chinese, Zhongguo Shiyou (中国石油), formerly shared the same name as the Chinese Petroleum Corporation, the Republic of China (Taiwan)'s state-owned fuel corporation. is a state-owned fuel-producing corporation and the largest integrated oil and gas company in the People's Republic of China. It has its headquarters in Dongcheng District, Beijing.

CNPC is the parent of PetroChina, the second highest evaluated company in the world in terms of market capitalization as of June 2010.

Corporate structure

CNPC is the government-owned parent company of public-listed PetroChina, a company 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 exploration and production, refining and marketing, chemicals and natural gas businesses.

CNPC and PetroChina develop overseas assets through a joint venture, CNPC Exploration & Development Company, which is 50% owned by PetroChina.

History

CNPC can be traced from the beginning as a governmental department of the PRC government. In 1949, the Chinese government formed a Fuel Industry Ministry dedicated to the management of fuel. In January 1952 a sub department of...
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