(29 October 2008, Beijing)－PetroChina Company Limited (“PetroChina” or “the Company”, SEHK: 0857; NYSE: PTR; SSE: 601857) continues to maintain a stable operation that is progressing in line with its overall business goal for 2008. The Company has proactively responded to changes in both domestic and overseas economic situations and critical challenges of natural disasters.  With a stable production, the Company’s major production indicators increased steadily in the first three quarters of 2008.  Excluding the impacts resulting from policy factors such as the implementation of a special levy on domestic crude oil production and macro-economic controls over the refined products prices, the efficacy of PetroChina’s operation continues to maintain at a high level.

For the third quarter of 2008, PetroChina realised a safe, steady, orderly and efficient production, maintained a good momentum of development and yielded satisfactory operating results. Under the International Financial Reporting Standards (“IFRS”),the Company reported an unaudited net profit attributable to the equity holders of the Company of RMB39.885 billion, representing an increase of 29.9 percent from the same period last year.  The basic earnings per share were RMB0.22, representing an increase of approximately RMB 0.05 from the same period last year.  Under the China Accounting Standard for Business Enterprises, the Company reported an unaudited net profit attributable to the equity holders of the Company of RMB38.247 billion, representing an increase of 31.8 percent from the same period last year.  The basic earnings per share were RMB0.21, representing an increase of approximately RMB0.05 from the same period last year.

PetroChina has further strengthened the foundation of its reserve resources since the beginning of this year.  In the area of oil and gas exploration and production, the Company carried out exploration at the key basins and focused on key exploration projects, enhanced the refined exploration of mature oilfields, ventured into the risk exploration of new areas actively and emphasized the use of new technologies.  A solid foundation has been built for the growth of reserves for the whole year.  The Company actively adopted new methods in the development of oil and gas fields, realised overall verification and development of new oilfields, and fully activated secondary development of mature oilfields.  As a result, the Company has achieved a steady growth in crude oil output and rapid growth in natural gas output.

From January to September this year, the total oil and gas output reached 880.7 million barrels equivalent, representing an increase of 6 percent from the same period last year, in which crude oil output reached 652.6 million barrels and marketable natural gas output reached 1,368.1 billion cubic feet, representing an increase of 2.8 percent and 16.3 percent respectively from the same period last year.

The Company organised refining process meticulously, scientifically managed refining production as well as adopted strict cost control measures.  The Company was also mindful of production safety and environmental protection which contributed to a stable production of oil products.

Meanwhile, the Company made efforts to ensure stable market supply and actively modified sales structure.  The Company has continued to enhance the level of retail sales management and the quality of services.  From January to September this year, processed crude oil totaled 642.5 million barrels, up by 5.1 percent from the same period last year; output of gasoline, diesel and kerosene was 55.597 million tonnes, up by 4.6 percent from the same period last year; total sales of gasoline, diesel and kerosene were 70.25 million tonnes, up by 9.3 percent from the same period of 2007.

PetroChina succeeded in overcoming market fluctuations in chemical products. The Company modified its product mix in a timely manner and implemented measures such as quality optimization and upgrading. Meanwhile, key technological and economic indicators continued to improve. The Company also achieved significant breakthroughs in key technologies and new product development, which enabled the Company to offer high value-added chemical products to the market.  From January to September this year, the Company produced 1.982 million tonnes of ethylene, 3.031 million tonnes of synthetic resin, 1.271 million tonnes of synthetic fiber raw materials and polymer, 0.251 million tonnes of synthetic rubber and 2.868 million tonnes of urea respectively, representing an increase of 4.8 percent, 4.7 percent, 15.1 percent, 7.7 percent and 2.6 percent from the same period last year respectively.

PetroChina developed its oil and gas pipeline business in an orderly manner.  Key pipeline construction projects including the Second West-East Gas Pipeline Project and Lanzhou-Zhengzhou-Changsha Refined Products Pipeline Project are going on smoothly.  Natural gas sales continued to increase rapidly, which effectively ensured supplies to key users as well as supplies during the earthquake relief and the Beijing Olympic Games. The Company also accelerated the development of new markets and realised effective extension of its business chain.

During the first three quarters of 2008, PetroChina accelerated its international operations and continued to expand the scale of its international business. Oil and natural gas output from international operations continued to grow. PetroChina has further enhanced its international trading business and the trading volume and revenue increased rapidly.

Looking forward, PetroChina will continue to actively respond to the negative impacts brought about by the international financial turmoil on the real economy, and will ensure that the production and operation of its various business segments are properly run to achieve the overall goal for the whole year. In addition, the Company will strive to deliver a good performance in order to maximise returns to its equity holders, the society and its staff.

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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:

PetroChina Company Limited
Hong Kong Representative Office
Mr. Mao Zefeng, Assistant Secretary to the Board of Directors
Tel: (852) 2899 2010   Fax: (852) 2899 2390
Email: hko@petrochina.com.hk

Public Relations Department
Mr. Yuan Xinxiang
Tel: (8610) 8488 6037   Fax: (8610) 8488 6039
Email: yuanxx@petrochina.com.cn

Distributed by:

Hill & Knowlton Asia Ltd.
Ms. Kong Hoi Ni
Tel: (852) 2894 6323   Fax: (852) 2576 1990
Email: hoini.kong@hillandknowlton.com.hk

EverBloom Investment Consulting Lt. Co.   
Mr. He Bin                       
Tel: (8610) 6553 6235   Fax: (8610) 6553 6211
E-mail: bin.he@everbloom.com.cn