SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2007
PETROCHINA COMPANY LIMITED
16 ANDELU, DONGCHENG DISTRICT
BEIJING, THE PEOPLE'S REPUBLIC OF CHINA, 100011
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- )
PetroChina Company Limited (the "Registrant") is furnishing under the cover
of Form 6-K the Registrant's operation results for the first quarter of 2007.
This press release contains "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking statements
are, by their nature, subject to significant risks and uncertainties. These
forward-looking statements include, without limitation, statements relating to:
o the Registrant's plan to respond actively to the changes in the
domestic and overseas market;
o the Registrant's plan to enhance its operational efficiency; and
o the Registrant's other future plans and prospects.
These forward-looking statements reflect our current views with respect to
future events and are not a guarantee of future performance. Actual results may
differ materially from information contained in these forward-looking statements
as a result of a number of factors, including, without limitation:
o fluctuations in crude oil and natural gas prices;
o failure to achieve continued exploration success;
o failure or delay in achieving production from development projects;
o failure to complete the proposed acquisition of certain overseas
assets as planned;
o change in demand for competing fuels in the target market;
o continued availability of capital and financing;
o general economic, market and business conditions;
o changes in policies, laws or regulations of the PRC and other
jurisdictions in which the Registrant and its subsidiaries conduct
business; and
o other factors beyond the Registrant's control.
We do not intend to update or otherwise revise the forward-looking
statements in this press release, whether as a result of new information, future
events or otherwise. Because of these risks, uncertainties and assumptions, the
forward-looking events and circumstances discussed in this press release might
not occur in the way we expect, or at all.
You should not place undue reliance on any of these forward-looking
statements.
(PETROCHINA COMPANY LOGO)
PETROCHINA MAINTAINS STABLE OPERATION FOR
KEY BUSINESSES IN FIRST QUARTER OF 2007
16 April 2007, placeCityBeijing - PetroChina Company Limited ("PetroChina" or
the "Company," SEHK stock code 0857; NYSE symbol PTR) achieved good progress in
executing its full-year plan during the first quarter of 2007. In the first
three months of the year, the Company's operations proceeded as planned and it
achieved steady development in its production and operation with satisfaction.
Leveraging its intensive and improved production management as well as its
enhanced technology, PetroChina maintained its stable crude oil production and
continued its rapid growth in natural gas output during the first quarter of
2007. The Company's domestic and overseas exploration and production business
segment recorded oil and gas output of 277 million barrels of oil equivalent,
representing an increase of 9.9 million barrels of oil equivalent, or 3.7
percent, from the same period last year. Crude oil output
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reached 209 million barrels, representing an increase of 1.5 million barrels
from a year earlier. Output of marketable natural gas reached 410.6 billion
cubic feet, representing an increase of 50.4 billion cubic feet, or 14 percent,
from the same period in 2006.
In the first quarter of 2007, due to the impact of severe tides and snow storms
in placePlaceNameBohai PlaceTypeBay area, part of the oil and gas wells in
Liaohe, Dagang and Jidong oilfields were shut down. The Company prevailed over
the impact of natural disaster by adopting a series of effective measures to
restore production and to minimize damages. The effective recovery plan secured
the Company's crude oil production plan. In the same quarter, riding on strong
market demand for natural gas in winter, the Company achieved a significant
growth in natural gas output through putting more production capacity into
operation with optimized operation management.
The Company set another record high for the volume of crude oil processed during
the first quarter of 2007 by allocating resources effectively, facilitating
railway and water transportation, and optimizing the coordination among
production, transportation, marketing, and storage operations. The Company
processed 202 million barrels of crude oil, representing a rise of 5.2 million
barrels, or 2.6 percent, from the corresponding period in 2006. The
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Company produced 11.575 million tons of diesel in the first quarter of 2007,
representing a rise of 0.5 million tons, or 4.5 percent, from the same period in
2006. The Company produced 5.385 million tons of gasoline in the first quarter
of 2007, representing a decline of 0.299 million tons, or 5.3 percent, from a
year earlier.
Emphasizing safety and stable operation, the Company's chemicals business
segment enhanced its output level during the first quarter of 2007. Smooth
coordination of production and transportation, optimized product structure, and
proactively response to market changes helped the Company to realize remarkable
key product output in excess of pre-set targets with moderate growth from the
same period in 2006. PetroChina produced 649 thousand tons of ethylene,
representing a rise of 169 thousand tons, or 35.2 percent, from the same period
of last year. The Company produced 1.01 million tons of synthetic resin,
representing an increase of 256 thousand tons, or 33.9 percent, from the same
period last year. The output of synthetic fibre raw materials and polymer
reached 332 thousand tons, representing an increase of 9.9 percent, from the
same period of last year.
PetroChina made further progress in its major pipeline projects in the first
quarter of this year. Following the completion of connecting the West-East Gas
Pipeline with the Second Shaanxi-Beijing Gas
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Pipeline and the Zhongxian-Wuhan Pipeline respectively, the construction of
Lanzhou-Yinchuan Pipeline, which links West-East Gas Pipeline and the Seninglan
Gas Pipeline, continued making steady progress. The Lanzhou-Yinchuan Pipeline,
with a length of 402 kilometers, connecting Lanzhou of Gansu Province and
Yongning of Ningxia Hui Autonomous Region, commenced its construction in
November 2006. Upon the completion of the Lanzhou-Yinchuan Pipeline, it will
further enhance the safety and reliability of the natural gas supply in the
CityXining, CityLanzhou and placeCityYinchuan regions.
Looking forward, the Company will proceed with its business plans laid down
early this year. Responding actively to the changes in the domestic and overseas
market, the Company will continue to conduct its production and operation in a
smooth and careful manner and enhance its operational efficiency under prudent
management with an aim to ensure the Company's sustainable growth in the long
term.
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Additional information on PetroChina is available at the Company's website:
http://www.petrochina.com.cn
Issued by PetroChina Company Limited.
For further information, please contact:
Mr. Mao Zefeng, Assistant Secretary to the Board of Directors
Tel: (852) 2899 2010 Fax: (852) 2899 2390
Email: hko@petrochina.com.hk
Distributed through Hill & Knowlton Asia Ltd. For enquiries, please contact:
Ms. Helen Lam
Tel: (852) 2894 6204 / 9277 7672 Fax: (852) 2576 1990
Email: helen.lam@hillandknowlton.com.hk
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PetroChina Company Limited
Dated: April 17, 2007 By: /s/ Li Huaiqi
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Name: Li Huaiqi
Title: Company Secretary