The Company has set its development objective as building PetroChina into an international energy company with strong competitiveness, in two phases. Phase 1: during the 11th Five-year Plan, the Company will achieve sustainable, effective and rapid development, focus on its core businesses, keep developing emerging energy businesses, maintain the leading role incomprehensive strength in China and strive to build the Company into an international energy company; Phase 2: by 2020, the Company will further consolidate its leading role in China, realize a quantum leap in international operations, promote its rank in global oil companies, achieve a profit growth and return on investment equal to that of the international level in the industry, significantly promote itscompetitive power in international market, become one of the important global producers and distributors of petroleum and petrochemical products, improve the composite transnationality index and build PetroChina into an international energy company with strong competitiveness.
PetroChina bases its strategy on maximization, diversification and orderly replacement ofhydrocarbon resources by adhering to the principles of attaching equal importance to oil and gas, enhancing the exploration of domestic resources, increasing the acquisition of overseas resources, expanding the exploration of offshore resources, increasing strategic reserves and developing substitution energy in order to achieve the rapid growth of oil and gas production, achieve a breakthroughin emerging energy resources, consolidate our leading role in upstream operations in China and strengthen the foundation for the sustainable development of the Company.
The Company will pursue a sustaining leading role in the market and the maximization of profit by making full use of the advantages in economy of scale and integrated operations from upstream to downstream businesses,solidifying mature market, expanding high efficiency market, exploiting strategic market, developing international market, and continuously promoting its competitive power in both domestic and foreign market.
The Company will adhere to the principles of active and prudent development and mutual benefit and the concept of combining “incoming” with “outgoing” and combiningresource, market, technology with capital, focus on oil and gas businesses, strengthen international cooperation and capital operation, put more emphasis on overseas oil and gas exploration and development, develop mid-stream and downstream businesses in a prudent, effective and moderate manner, actively facilitate the diversification of sources for resource import, expand the scale of international oiland gas trade in order to build PetroChina into a multinational company with strong competitive power.
Direction for Future’s Development
During the 12th Five-Year plan, PetroChina will remain at a critical stage of strategic development. Therefore, it will adopt steady business strategies in order to explore new areas of growth while focusing on its core oil and gas activities so as tocontinuously propel its expansion and to build an environmentally-friendly, international and a sustainable company.
To develop a green PetroChina, we will strive to provide cleaner, more efficient and high-quality energy resources. In particular, we will accelerate our efforts to develop natural gas, which will be the new engine of and pillar for the Company’s future growth. To that end, we willcoordinate domestic gas production and imports, push forward the development of conventional and non-conventional gas in order to expand our market. In order to improve profitability and to maintain a stable supply, we will also push forward developments in construction, storage and transportation.
To build an international PetroChina, we will boost international cooperation. We will encourage joint...