PetroChina will shoulder greater responsibilities and face more challenges as well as more opportunities. We will implement our strategies with respect to innovation, resources, market, internationalization and green and low-carbon, towards the goal of building a top-class international energy company on a quality-based path. While focusing on core business, reform and innovation, quality and profitability, and corporate governance, we will also seize the opportunities for low-carbon transformation, accelerate the process of building up new advantages in green development and contribute to the UN Sustainable Development Goals 2030, creating and sharing a bright future with all of our stakeholders.

Strategies

Innovation: We regard innovation as the primary driving force for development, and pursue all-around innovation centering on technology. We promote innovation in industrial chains to ensure they are more value-added. We improve our independent innovation capability in key technologies to provide the Company with the maximum level of competitiveness and contribute to China's overall strength in strategic technology.

Resources: We focus more on acquiring and supplying resources sustainably at low cost and from diverse sources. We develop domestic hydrocarbon resources efficiently, import oil and gas via multiple channels, make active planning for non-fossil energy, ensure talents remain our most important resource, and mobilize resources such as land, capital, technology and data in a coordinated way. We endeavor to increase the value of resources and strengthen the material basis for development.

Market: The market plays a decisive role in resource allocation. Being market-oriented and customer-based, we engage in proactive analysis of market situations and take active measures to adapt to, expand and guide the market. In both the domestic and international markets, we have rapidly established a modern marketing system, in order to ensure we always maintain a decisive competitive edge.

Internationalization: We optimize the strategic pattern of international cooperation on oil and gas, and enhance international business operations, capital management and global resource allocation. We internationalize our philosophy, management, technology, criteria and personnel, and engage in global energy governance. We improve our international business capability and industry influence, and build an energy community of shared interests.

Green and low-carbon development: We take continuous steps to increase the proportion of low-carbon and carbon-free energy resources in our energy mix, promote clean production and eco-friendly industries, and build the low-carbon energy supply system. With energy conservation as the priority, we pursue economical and efficient utilization of energy resources, and explore a new business model based on low costs. We endeavor to be competitive for green and low-carbon development.

Development Direction

We will vigorously carry out oil and gas and new energy business, which includes domestic and overseas oil/gas exploration and development, natural gas sales, and new energy. These businesses represent PetroChina's core competitiveness. We will highlight efficient exploration and profitable development. We will maintain oil production and increase gas production to ensure improved upstream benefits domestically. We will optimize the composition, business structure and regional layout of our overseas assets. We will enhance the integration of natural gas production, supply, storage and marketing. We will industrialize new energy projects in organic coordination with oil and gas. We will build a clean energy supply system with the orderly replacement of multiple energy resources, and develop PetroChina into a world-leading clean energy producer.

We will efficiently expand our refining and chemicals, marketing and new materials businesses, which include refining and chemicals, marketing of refined products, new materials and international trade. These businesses are critical bridging and value-added aspects of PetroChina's business chain and major channels for realizing revenue and enhancing brand value. We will strengthen the integration of refining, marketing and trading in order to coordinate output and sales and improve our marketing capabilities. We will implement acceleration programs for new materials. With these efforts, we strive to improve the efficiency and profitability of industrial chains.