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China National Petroleum Corp (CNPC), the state-owned parent company of the country’s second-largest oil producer, PetroChina, has climbed out of the pandemic-induced demand slump that stripped the oil giant of profits last year. In the first quarter of 2021, PetroChina reported $4.28 billion in earnings, its best quarterly performance in seven years, and is estimating profit of $6.9 billion for the first half of the year. But like many oil majors, CNPC is now attempting to walk the line between revenue and reform as it faces a legislative push to reduce carbon emissions. PetroChina’s solution is to place more emphasis on natural gas, which produces less carbon dioxide than oil when burned. PetroChina predicts gas will contribute 55% of the company’s fossil fuel sales by 2025, up from 43% today.
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