PetroChina is currently headed by Mr. Wang Dongjin and was founded in 1999. It is headquartered in Beijing, China. It was born as result of restructuring of oil major China National Petroleum Company (CNPC).
PetroChina is the largest oil & gas company in Asia. It has signed a $50 billion deal with Exxon Mobil to provide Liquefied Natural Gas to China which ensures the steady supply of LNG to the country for next 20 years. PetroChina’s biggest investment was seen on February 2011 when it invested around $5.4 billion to acquire a 49% stake in Canada’s Duvernay shale assets owned by Encana. The company operates mainly on five major segments which are ‘Exploration & Production’, ‘Refining & Chemical’, ‘Marketing’, ‘Natural Gas & Pipeline’ and ‘Other management & financial activities’. PetroChina enjoys a duopoly with Sinopec wholesale and retail business of petroleum products. In terms of assets it is the largest oil & gas company in the world.