Company Profile   PetroChina Company Limited (PetroChina) was established as a joint stock company with limited liabilities under the Company Law of the People's Republic of China (the PRC) on November 5, 1999 as part of the restructuring of China National Petroleum Corporation (CNPC). In the restructuring, CNPC injected into PetroChina most of the assets and liabilities of CNPC relating to its exploration and production, refining and marketing, chemicals and natural gas businesses. PetroChina is China 's largest producer of crude oil and natural gas and one of the largest companies in China in terms of sale. Currently, all of the Company's petroleum and natural gas reserves and production-related assets are located in China. The Company is engaged in a broad range of petroleum-related activities,including: Exploration, development and production of crude oil and natural gas; Refining, transportation, storage and marketing, including import and export, of crude oil and petroleum products; Production and sale of chemical products; and Transmission, marketing and sale of natural gas. The American Depositary Shares (ADSS) and H shares of PetroChina were listed on the New York Stock Exchange and the Stock Exchange of Hong Kong Limited on April 6,2000 and April 7,2000, respectively. PetroChina possesses fine financial performance with the net profits of RMB 55.2 billion yuan, RMB 45.5 billion yuan and RMB 46.9 billion yuan respectively in year 2000, 2001 and 2002. Products   Refined Products Refined products include: Diesel, Gasoline, Fuel Oil, Naphtha, Jet fuel, Lubricants, Asphalt, Paraffin. The Company markets a wide range of refined products, including gasoline, diesel, jet fuel and lubricants, through an extensive network of sales personnel and independent distributors and a broad wholesale and retail distribution system across China. As at 30 September 1999, its marketing network consisted of: approximately 430 regional wholesale distribution outlets nationwide. Substantially all of these outlets are located in high demand areas such as economic centers across China, particularly in the coastal areas, along major railways and along the Yangtze River; a approximately 1,790 service stations owned and operated by the Company, approximately 3,600 service stations wholly-owned by CNPC or jointly-owned by CNPC and third parties which exclusively sell refined products produced or supplied by the Company and to which the Company provides supervisory support under contractual arrangements, and approximately 1,050 franchise service stations owned and operated by third parties. These service stations are located across China and sell exclusively gasoline and diesel produced by the Company. Chemical Products Chemical products are distributed to a number of industries that manufacture components used in a wide range of applications, including the automotive, construction, electronics, medical manufacturing, printing, electrical appliances, household products, insulation, packaging, paper, textile, paint, footwear, agriculture and furniture industries. Operating Statistics   Crude oil Natural Gas Combined   (millions of barrels) (billion cubic feet) (millions of barrels -of-oil equivalent) Proved Developed and Undeveloped Reserves       Reserves as of December 31,1998 10,865.0 22,336.5 14,587.8 Revisions of previous estimates 159.9 555.1 252.4 Extensions and discoveries 419.3 2,331.9 808.0 Improved recovery 330.4 49.2 338.6 Production for the year (775.2) (670.4) (887.0) Reserves as of December 31,1999 10,999.4 24,602.3 15,099.8 Revisions of previous estimates 138.3 339.6 194.9 Extensions and discoveries 296.4 8,237.5 1,669.3 Improved recovery 362.9 0 362.9 Production for the year (765.2) (646.8) (873.0) Reserves as of December 31,2000 11,031.8 32,532.6 16,453.9 Proved Developed Reserves       As of December 31,1998 9,639.2 11,543.4 11,563.1 As of December 31,1999 9,744.1 12,098.0 11,760.4 As of December 31,2000 9,545.7 12,502.5 11,629.4 Source: www.petrochina.com.cn Petro China tops the list of '2003 China's 500 leading companies