PetroChina is one of the companies with the largest sales revenue in China. It is not only the largest and dominant producer and distributor in the oil and gas industry in China, but also one of the largest oil companies in the world. The Company, under the guidance of the concept of scientific development, is dedicated to implementing three strategies of resources, markets and internationalization. PetroChina is committed to accelerating the transformation of economic growth mode, improving the self-innovation capacity, establishing long-efficient mechanism of safety, environmental protection and energy conservation and creating a harmonious enterprise, in order to transform itself to be a world-class global energy company.
The Company has set its development objective as building PetroChina into an international energy company with strong competitiveness, in two phases. Phase 1: during the 11th Five-year Plan, the Company will achieve sustainable, effective and rapid development, focus on its core businesses, keep developing emerging energy businesses, maintain the leading role in comprehensive strength in China and strive to build the Company into an international energy company; Phase 2: by 2020, the Company will further consolidate its leading role in China, realize a quantum leap in international operations, promote its rank in global oil companies, achieve a profit growth and return on investment equal to that of the international level in the industry, significantly promote its competitive power in international market, become one of the important global producers and distributors of petroleum and petrochemical products, improve the composite transnationality index and build PetroChina into an international energy company with strong competitiveness.
PetroChina bases its strategy on maximization, diversification and orderly replacement of hydrocarbon resources by adhering to the principles of attaching equal importance to oil and gas, enhancing the exploration of domestic resources, increasing the acquisition of overseas resources, expanding the exploration of offshore resources, increasing strategic reserves and developing substitution energy in order to achieve the rapid growth of oil and gas production, achieve a breakthrough in emerging energy resources, consolidate our leading role in upstream operations in China and strengthen the foundation for the sustainable development of the Company.
The Company will pursue a sustaining leading role in the market and the maximization of profit by making full use of the advantages in economy of scale and integrated operations from upstream to downstream businesses, solidifying mature market, expanding high efficiency market, exploiting strategic market, developing international market, and continuously promoting its competitive power in both domestic and foreign market.
The Company will adhere to the principles of active and prudent development and mutual benefit and the concept of combining “incoming” with “outgoing” and combining resource, market, technology with capital, focus on oil and gas businesses, strengthen international cooperation and capital operation, put more emphasis on overseas oil and gas exploration and development, develop mid-stream and downstream businesses in a prudent, effective and moderate manner, actively facilitate the diversification of sources for resource import, expand the scale of international oil and gas trade in order to build PetroChina into a multinational company with strong competitive power.
Direction for Future’s Development
During the 12th Five-Year plan, PetroChina will remain at a critical stage of strategic development. Therefore, it will adopt steady business strategies in order to explore new areas of growth while focusing on its core oil and gas activities so as to continuously propel its expansion and to build an environmentally-friendly, international and a sustainable company.
To develop a green PetroChina, we will strive to provide cleaner, more efficient and high-quality energy resources. In particular, we will accelerate our efforts to develop natural gas, which will be the new engine of and pillar for the Company’s future growth. To that end, we will coordinate domestic gas production and imports, push forward the development of conventional and non-conventional gas in order to expand our market. In order to improve profitability and to maintain a stable supply, we will also push forward developments in construction, storage and transportation.
To build an international PetroChina, we will boost international cooperation. We will encourage joint investment and cooperation at all levels, in all areas and in all forms. We will drive forward our business, integrating refining and chemicals and international trade, as we continue to invest in the development of oil and gas.
To develop a sustainable PetroChina, we must consolidate our leading role in domestic upstream businesses by further strengthening our production in our five large scale domestic oil and gas sites. We will also accelerate the strategic restructuring of the refining and chemical business and improve supply capacity and market competitiveness. In addition, we will speed up construction of our oil and gas pipelines to create an oil and gas supply network that boasts diverse resources, flexible distribution, efficient operations and high levels of safety and stability, which will combine to serve as a solid foundation for the sustainable development of the Company.