We have been developing overseas oil and gas cooperation in a forward but prudent manner in order to increase the supply of oil and gas from both domestic and international sources. In 2007, overseas oil and gas investments had been extended to 29 projects with respect to oil and gas exploration, development, pipeline construction, refining and chemicals, as well as oil products marketing in 12 countries or regions, including Africa, Central Asia, South America, the Middle East and Asia Pacific.

We have also been expanding the scale and scope of external cooperation in China. In May 2007, the Changbei Gas Field, co-developed by PetroChina and Shell, was commercially put into operation. In the same year, PetroChina signed framework agreements on cooperation with Statoil and Royal Dutch Shell. More importantly, PetroChina signed with Chevron the Natural Gas Development and Production Agreement for the Northeast Sichuan Block in the Sichuan Basin, the largest onshore natural gas cooperation project in China, marking a new era for domestic cooperation on oil and gas development.