PetroChina is one of the largest producers of petroleum products in China, with 14 ten-million-ton-level refining bases.The Company is engaged in producing six major categories of chemical products: synthetic resin, raw materials of synthetic fiber and polymers, synthetic rubber, urea, organic and inorganic compounds, with thousands of trademarked products. Among such categories, our production capabilities of products such as ethylene, synthetic resin and synthetic rubber are ranked among the best in China.

In 2024, PetroChina’s refining and chemicals business proactively moved towards the intermediate and high end of the industrial chain. The transformation and upgrading key projects, such as Jilin Petrochemical Company’s and Guangxi Petrochemical Company’s ethylene project, advanced in an orderly manner, and the Blue Ocean New Material project was officially launched. The Group insisted on a market-oriented and profitability-centered approach to optimize and adjust the load of devices and product structure, deepened the implementation of the reduction of refined oil products and increase of chemical products (减油增化) and the reduction of refined traditional oil products and increase of featured refined products (减油增特), and continuously enhanced the production yield of high value-added products. The Group strengthened the unified marketing efforts of featured refined products and the market share of bonded marine fuel oil, paraffin, low-sulphur petroleum coke, special asphalt and other products ranked first in the domestic market. The Group strengthened the analysis, study and judgment of the chemical products market and enhanced its marketing capacity, significantly increasing the sales volume of chemical products. In 2024, the Group processed 1,378.4 million barrels of crude oil, representing a decrease of 1.5% as compared with 1,398.8 million barrels for last year, among which 700.1 million barrels of crude oil were produced from the Group’s oil and gas business, accounting for 50.8% of the total amount; the Group produced 119.867 million tons of refined oil products, representing a decrease of 2.3% as compared with 122.736 million tons for last year; the volume of chemical products output of the Group was 38.981 million tons, representing an increase of 13.6% as compared with 34.308 million tons last year; the output of ethylene and synthetic resin increased by 8.1% and 5.7% as compared with last year, respectively; the volume of chemical new materials output of the Group was 2.045 million tons, representing an increase of 49.3% as compared with 1.370 million tons last year.