CNPC: PetroChina’s Second Extraordinary General Meeting of 2020 held in Beijing

On 28 September, 2020, PetroChina Company Limited (“PetroChina”) held the Second Extraordinary General Meeting of 2020 in Beijing. At the EGM, the transaction on PetroChina’s pipeline assets restructuring was reviewed and approved. According to the proposal, PetroChina plans to divest certain assets, including major oil and gas pipelines, selected gas storage facilities, LNG terminals, and Initial Oil and Gas (including equity investments in relative companies) to China Oil & Gas Pipeline Network Corporation (“PipeChina”), with consideration of equity stake of PipeChina and cash.

PipeChina was registered and established on 6 December, 2019, to be mainly responsible for oil and gas pipeline transportation and storage services. Upon the completion of this Transaction, PetroChina, as a shareholder of PipeChina, will measure its equity investment in PipeChina by employing the equity method and benefit from equity investment return from PipeChina.