SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2007
PETROCHINA COMPANY LIMITED
16 ANDELU, DONGCHENG DISTRICT
BEIJING, THE PEOPLE'S REPUBLIC OF CHINA, 100011
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
--- ---
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
--- ---
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_____)
PetroChina Company Limited (the "Registrant") is furnishing under the cover
of Form 6-K the Registrant's operation results for the first half of 2007.
This press release contains "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking statements
are, by their nature, subject to significant risks and uncertainties. These
forward-looking statements include, without limitation, statements relating to:
- the Registrant's plan to proceed with its scheduled business plans;
- the Registrant's plan to continue its production and operation in a
systematic manner; and
- the Registrant's other future plans and prospects.
These forward-looking statements reflect our current views with respect to
future events and are not a guarantee of future performance. Actual results may
differ materially from information contained in these forward-looking statements
as a result of a number of factors, including, without limitation:
- fluctuations in crude oil and natural gas prices;
- failure to achieve continued exploration success;
- failure or delay in achieving production from development projects;
- failure to complete the proposed acquisition of certain overseas
assets as planned;
- change in demand for competing fuels in the target market;
- continued availability of capital and financing;
- general economic, market and business conditions;
- changes in policies, laws or regulations of the PRC and other
jurisdictions in which the Registrant and its subsidiaries conduct
business; and
- other factors beyond the Registrant's control.
We do not intend to update or otherwise revise the forward-looking
statements in this press release, whether as a result of new information, future
events or otherwise. Because of these risks, uncertainties and assumptions, the
forward-looking events and circumstances discussed in this press release might
not occur in the way we expect, or at all.
You should not place undue reliance on any of these forward-looking
statements.
(Chinese Characters)
PETROCHINA COMPANY LIMITED
(PETROCHINA COMPANY (Chinese Characters) 16 (Chinese Characters) World Tower, 16 Ande Road, Dongcheng
LIMITED LOGO) (Chinese Characters) : 100011 District Beijing, 100011, P.R.China
(Chinese Characters) (Chinese Characters) : 86-10-84886029; 84886037 TEL: 86-10-84886029; 84886037
PRESS RELEASE (Chinese Characters) : 86-10-84886039 FAX: 86-10-84886039
PETROCHINA ACHIEVES STEADY GROWTH IN KEY OPERATIONAL
INDICATORS IN THE FIRST HALF OF 2007
16 July 2007, Beijing -- PetroChina Company Limited ("PetroChina" or the
"Company", SEHK stock code 0857; NYSE symbol PTR) announced today its production
and operational data highlights for the first six months of 2007. Capturing
favorable market opportunities, the Company continued its efforts in executing
the resources, marketing and international development strategies during the
period under review. The Company overcame the difficult weather and its
operational performance surpassed its mid-year targets despite the occurrence of
the most severe snowstorm and hurricanes for the past few decades.
In the first half of the year, PetroChina implemented its production and
operation plan in an organized fashion. The Company maintained a balanced pace
of output in its oil and gas production by scheduling the production of new
wells effectively. During the reporting period, the Company's crude oil output
reached 419 million barrels, representing an
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increase of 0.6 million barrels, or 0.1 percent, from the same period last year.
Output of marketable natural gas reached 798 billion cubic feet, representing an
increase of 113.3 billion cubic feet, or 16.5 percent, from the same period last
year. During the reporting period, the construction of Tarim Yingmaili Gas
Fields has been completed and the fields commenced operation. Such development
further secured the safe and stable gas supply to the West East Gas Pipeline.
In the area of oil and gas exploration, the Company achieved a number of
significant results by employing a scientific and meticulous exploration
approach. The Company discovered the Jidong Nanpu Oilfield in Jidong tidal and
shallow water areas of Bohai Bay, which contains oil reserves of up to one
billion tons. In addition, the Company also obtained overwhelming progress in
the development work in Sulige, Shenmu-Shuangshan, Baibao in Erdos Basin; Gulong
depression in northern part of Songliao Basin, Haituozi-Huaaobao in southern
part of Songliao Basin; Ludong-Wucaiwan in Junggar Basin as well as Guang An in
Sichuan Basin. These results favored the outlook for the growth of the Company's
oil reserves and secured its oil and gas resources.
During the first half of the year, the refinery segment of the Company recorded
steady growth on strong market demand. The Company optimized its resources
allocation, implemented an organized
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production plan, adjusted the product mix in a timely manner and operated the
core facilities persistently. With these initiatives in place, PetroChina
achieved year-on-year increase in the volume of processed crude oil and the
output of refined products. Improvement in major technical economic indicators
continued. The volume of processed crude oil reached 407 million barrels,
representing an increase of 15.1 million barrels, or 3.8 percent, as compared
with the same period last year. The Company produced 10.67 million tons of
gasoline and 23.889 million tons of diesel, representing an decrease of 3.6
percent and an increase of 7.5 percent respectively, from the same period last
year. The Company produced 1.305 million tons of ethylene, 158 thousand tons of
synthetic rubber, and 1.997 million tons of synthetic resin, representing an
increase of 30.1 percent, 1.9 percent and 31 percent respectively, from the same
period last year. The Company recorded a further decrease in the aggregate
energy consumption of refining during the reporting period. Other indicators
such as yield of ethylene and processing deficiency rate of ethylene were
maintained at top industry level across the nation.
The Company further extended its sales and marketing network of refined products
by increasing its gas stations at major transportation routes, in primary cities
and in target regions. The total number of the Company's gas stations reached
18,630, representing an increase of 678 stations, or 3.78 percent, from the same
period last year. These
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results further enhanced the Company's marketing strength and capability in
distributing oil products.
During the reporting period, PetroChina systematically started its key
oil-and-gas-related construction projects. The Lanzhou-Yinchuan gas pipeline,
which connects the West-East Gas Pipeline and Sebei-Xining-Lanzhou Pipeline, has
completed its fundamental construction and entered the preparation stage for
operation. With the launch of the Beijing Oil and Gas Pipeline Network
Dispatching Center, the Company started its remote monitoring work in Beijing as
scheduled which covered three natural gas pipelines including West-East Gas
Pipeline and two refined oil pipelines including Lanzhou-Chengdu- Chongqing
Pipeline. The new monitoring system gradually formed the centralized oil and gas
dispatching and controlling system of the Company.
It is expected that China's economy will continue to experience rapid and stable
growth. Such development will persistently intensify the demand for oil and gas
as well as the demand for petrochemicals in the PRC, which will be in favor of
PetroChina's operation. The Company will proceed with its scheduled business
plans formulated early this year in accordance with the principles of
"steadiness, balance, effectiveness, control and coordination". Under this
direction, PetroChina will continue its production and operation in a systematic
manner, actively
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modify the development strategy, enforce the innovation of technologies and
management, and strive to build a harmonious enterprise. The Company endeavors
to achieve its business targets and accomplish an effective, rapid and
sustainable growth.
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Additional information on PetroChina is available at the Company's website:
http://www.petrochina.com.cn
Issued by PetroChina Company Limited.
For further information, please contact:
Mr. Mao Zefeng, Assistant Secretary to the Board of Directors
Tel: (852) 2899 2010 Fax: (852) 2899 2390
Email: hko@petrochina.com.hk
Distributed through Hill & Knowlton Asia Ltd. For enquiries, please contact:
Ms. Helen Lam Fax: (852) 2576 1990
Tel: (852) 2894 6204 / 9277 7672 Email: helen.lam@hillandknowlton.com.hk
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PetroChina Company Limited
Dated: July 17, 2007 By: /s/ Li Huaiqi
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Name: Li Huaiqi
Title: Company Secretary