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120-424: CNPC is the government-owned parent company of publicly listed PetroChina , which was created on November 5, 1999, as part of the restructuring of CNPC. In the restructuring, CNPC injected into PetroChina most of the assets and liabilities of CNPC relating to its hydrocarbon exploration and production, refining and marketing, chemicals and natural gas businesses. CNPC and PetroChina develop overseas assets through

240-686: A Hang Seng Index Constituent Stock , effective 10 December 2007. PetroChina also came under scrutiny from international organizations for its part in trading with the Sudanese government as it undertook the war in Darfur . On 19 August 2009, PetroChina signed an A$ 50 billion deal with ExxonMobil to purchase liquefied natural gas from the Gorgon field in Western Australia, considered the largest contract ever signed between China and Australia, which ensures China

360-551: A bond issue of US$ 2.5 billion. Chernomyrdin, as Prime Minister of Russia , ensured Gazprom avoided tight state regulation. Gazprom evaded taxes, and the Government of Russia received little in dividends . Gazprom managers and board members, such as Chernomyrdin and the Gazprom Chief Executive Officer , Rem Viakhirev , engaged in asset-stripping . Gazprom assets were shared amongst their relatives. Itera ,

480-624: A monopoly in the gas sector. In December 1992, when Boris Yeltsin , the Russian President , appointed Viktor Chernomyrdin , Gazprom's Chairman, his Prime Minister , the company's political influence increased. Rem Viakhirev took the chairmanship of Gazprom's Board of Directors and Managing Committee. Following the Decree of the President of the Russian Federation of 5 November 1992, and

600-657: A 2005 agreement between Sri Lanka and China to facilitate the involvement of Chinese companies in the port development. In March 2009, CNPC began development of Ahdab, an oil field in Wasit Governorate holding a modest one billion barrels, becoming "the first significant foreign investors" in Iraq. The contract is a renegotiated version of a 1997 agreement between China and Iraq under Saddam Hussein . The project progressed despite security problems with local farmers. Dozens of farmers complained of damage to property because of work on

720-524: A 3.8% increase from the 2011 figure which represented 18.4% of the world's reserves. In 2015, the reserves of crude oil were 1.355 billion tons and the reserves of gas condensate were 933.3 billion tons. 59.8 percent of Gazprom's natural gas reserves (Categories A+B+C1) were located in the Urals Federal District (decreasing), 20.5 percent in the Arctic shelf (increasing), and 8.3 percent in

840-633: A 41.4 GW capacity. The UGSS is the largest gas transmission system in the world. In 2008, the transportation system carried 714.3 billion cubic metres (25.23 trillion cubic feet) of gas. Gazprom has claimed the UGSS has reached its capacity. Major transmission projects include the Nord Stream pipelines as well as pipelines inside Russia. In 2021 Russia had two large liquefied natural gas (LNG) production plants, Yamal LNG and Sakhalin-2 LNG both of which Gazprom has an interest in. In March 2021,

960-783: A CNPC subsidiary, the Bank of Kunlun, was sanctioned by the United States because of its financial relationship with the Islamic Revolutionary Guard Corps and the Quds Force . In July 2013, CNPC and Eni signed a $ 4.2 billion deal to acquire a 20% stake in a Mozambique offshore natural gas block. In June 2014, the "head of a key China National Petroleum subsidiary was recalled to Beijing" and fell "from public view". Replacement of China National Petroleum's top representative in Canada

1080-532: A conversion of 26,4 m per million Btu it would correspond to a price of $ 285 per 1,000 cubic metres . At the same time, based on their respective contracts with Gazprom, German customers paid $ 250 per cubic metre (m ), Polish customers $ 290 per m , Ukraine customers $ 130 per m and Russian customers $ 49 per m . Since the start of the Russian invasion of Ukraine in February 2022 and as a result of falling export revenue,

1200-561: A deal with CNPC for the development of oil blocks in the Amu Darya basin, a project expected to earn billions of dollars over two decades; the deal covers drilling and a refinery in the northern provinces of Sar-e Pol and Faryab and is the first international oil production agreement entered into by the Afghan government for several decades. All CNPC operations were shut down in Afghanistan due to

1320-609: A filing in the US that it had sold 91 per cent of its American Depositary Receipts in PetroChina in the first quarter of 2007. At the beginning of May 2007, the company announced it had made China's largest oil find in a decade off the country's northeast coast, in an oilfield named Jidong Nanpu oil field in Bohai Bay . In May 2008 these expectations were lowered. On 7 November 2007, Hang Seng Indexes Company announced that PetroChina would be

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1440-472: A gas blowout occurred at the Luojia No. 16H gas well. The toxic fumes killed 243 people and hospitalized substantially more. Specialists concluded that the accident was the result of negligence on the part of Eastern Sichuan Drilling Company, which was working under China National Petroleum Corporation. They concluded that Sichuan technicians had failed to fix a blowout-prevention valve, a basic safety measure, that

1560-538: A gas trading company also received Gazprom assets. In March 1998, for reasons unrelated to his activities at Gazprom, Chernomyrdin was fired by Yeltsin. On 30 June 1998, Chernomyrdin was made Chairman of the Board of Directors of Gazprom. When, in June 2000, Vladimir Putin became the President of Russia, he acted to gain control over Russia's oligarchs , and increase the Government of Russia's control in important companies through

1680-593: A joint company Shtokman Development AG for development of the field. On 8 April 2013, in Amsterdam, Alexey Miller , chairman of the Gazprom management committee, and Jorma Ollila , chairman of the board of directors of Royal Dutch Shell , signed in the presence of Putin and Mark Rutte , prime minister of the Netherlands , a memorandum outlining the principles of cooperation within hydrocarbons exploration and development in

1800-423: A joint venture to acquire minority stakes ranging from about 33.3% to 39% in several mature Syrian oil and natural gas properties. The combined entity was a notable instance of cooperation between two state oil firms that regularly competed for assets around the world. In June 2023, CNPC signed a 27-year deal with QatarEnergy for 4 million metric tons of LNG to be delivered yearly. CNPC also has an equity stake in

1920-513: A joint venture, the CNPC Exploration & Development Company (CNODC), which is 50% owned by PetroChina. In March 2014, CNPC Chairman Zhou Jiping announced that CNPC would be opening six business units to private investors. CNPC also has a memorandum of understanding with UOP Llc, under which the two companies will collaborate on a range of biofuels technologies and projects in China. Unlike

2040-470: A north fork to Hungary. On 18 December 2007, Frank-Walter Steinmeier (who was then Foreign Minister of Germany) and Dmitry Medvedev signed an agreement on behalf of BASF to exploit another gas field. At the time, German demand was 40% covered by Russian supply. Some German academics warned that Germany had become too dependent of Russia but Steinmeier, citing the new Ostpolitik , disregarded them. On 11 February 2008 Kuprianov threatened Ukraine with

2160-590: A program of national champions . Putin fired Chernomyrdin from his position as the Chairman of the Gazprom board. The Russian Government's stock in Gazprom gave Putin the power to vote out Viakhirev. Chernomyrdin and Viakhirev were replaced by Dmitry Medvedev and Alexei Miller . They were Putin's prior employees in Saint Petersburg . Putin's actions were aided by the shareholder activism of Hermitage Capital Management Chief Executive Officer William Browder , and

2280-473: A series of medium-term corporate bonds worth 80 billion yuan ($ 11.7 billion), which was the biggest ever domestic issue by a listed company. The logo of PetroChina has represented the company in plenary capacity since 2004. The logo's basic, abecedarian design consists of a rising sun, projected onto a petal-based graphic. The colors utilized in the graphic are red and yellow, auspicious in Chinese culture . Beneath

2400-550: A state-owned company. Some analysts said the amount paid by Rosneftegaz for the stock was too low. The sale was completed by 25 December 2005. With the purchased stock and the thirty-eight percent share held by the State Property Committee, the Government of Russia gained control of Gazprom. The Government of Russia revoked the Gazprom twenty percent foreign ownership rule and the company became open to foreign investment. In September 2005, Gazprom bought 72.633 percent of

2520-504: A steady supply of LNG fuel for 20 years, and also forms as China's largest supply of relatively "clean energy". This deal has been formally secured, despite relations between Australia and China being at their lowest point in years, following the Rio Tinto espionage case and the granting of visas to Rebiya Kadeer to visit Australia. PetroChina's Dushanzi District refinery became fully operational on 24 September 2009. The refinery

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2640-685: A stoppage of flow; in January 2009 the threat was executed, beginning the 2009 Russia–Ukraine gas dispute . BASF's Jürgen Hambrecht was concerned about the reliability of his firm's supply but Miller assuaged his worries in a phone call, and the Europeans did nothing to change course for more than a decade. On 1 December 2014, during a visit to Turkey , Putin said the SouthStream project would not proceed and 63 billion cubic metres per year (bcm/y) of gas would be shipped to Turkey instead of Bulgaria . Bulgaria

2760-564: A subsidiary of BP plc , agreed to sell its stake in Kovykta field in Siberia to Gazprom after the Government of Russia questioned BP's right to export gas from Russia. On 1 August 2007, Gazprom's Sergey Kuprianov threatened Belarus with stoppage of their gas flow if the latter failed to pay off their debts and if so they would experience a 300% price increase. Two days later he saw significant progress towards payment and he expected to be paid by

2880-635: A subsidiary of the China National Petroleum Company, invested $ 700 million in drilling 57 wells in Sudan over a 3-year period starting in 1997. In 2010, the company was awarded a contract by the Sudanese Petroleum Ministry to build 5 oil rigs for $ 75.5 million. After South Sudan's independence in 2011, South Sudan's territory included many of the Sudanese oil fields where CNPC (as well as Sinopec ) have significant interests. CNPC

3000-490: A total of $ 1.2 billion. In August 2014, CNPC had five of its permits revoked after failing to pay the fine. In October 2014, CNPC agreed to pay $ 400 million. PetroChina PetroChina Company Limited ( Chinese : 中国石油天然气股份有限公司 ) is a Chinese oil and gas company and is the listed arm of state-owned China National Petroleum Corporation (CNPC), headquartered in Dongcheng District , Beijing . The company

3120-423: A trading loss and the need to increase the price in the domestic market by 34% over 3 years. Gazprom has also opened itself up to compensation claims for failure to supply gas under long term contracts. In 2011, Gazprom produced 513.17 billion cubic metres (18.122 trillion cubic feet) of natural gas, which was 17 percent of the worldwide production and 83 percent of Russian production. Of this amount,

3240-778: A year, in Chengdu , China. Although PetroChina claimed that $ 565 million of the total investment would be dedicated to environmental protection, residents of Chengdu believed it might bring pollution to the local area and took to the streets on 3 and 4 May 2008, to protest the petrochemical plant. The whole demonstration was peaceful, with little Chinese government intervention. On 19 January 2022, Chinese authorities punished PetroChina's subsidiary "PetroChina Fuel Oil Co Ltd" for alleged oil trade inconsistencies that "severely disrupted oil products market order... facilitated blind development of outdated production capacity at independent refineries...caused losses in government tax revenue indirectly," said

3360-416: Is China's largest refinery with annual capacity of 10 million tons of oil and 1 million tons of ethylene. The refinery is an integral part of China's ambitions to import oil from Kazakhstan . In February 2011, PetroChina agreed to pay $ 5.4 billion for a 49% stake in Canada's Duvernay shale assets owned by Encana . It was China's biggest investment in shale gas to date. PetroChina's subsidiary in Canada

3480-662: Is Russia's honorary consul in Verona, a former Italian communist and a close associate of both Alexey Anatolievich Matveev ( Russian : Алексей Анатольевич Матвеев ; born 21 December 1963) and Vladimir Putin, Italy's gas supplied by Russia had greatly increased from 25 percent in 2004 to 70 percent. In May 2006, the European Union received about 25 percent of its gas supply from Gazprom. In 2006, Gazprom entered several long term gas contracts with European companies. The contract prices were mainly linked to oil prices. In 2014, Europe

3600-566: Is a Russian majority state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg. The Gazprom name is a contraction of the Russian words gazovaya promyshlennost ( газовая промышленность , gas industry). In January 2022, Gazprom displaced Sberbank from the first place in the list of the largest company in Russia by market capitalization. In 2022,

3720-824: Is a major investor in South Sudan 's oil sector. The company is major stockholder in Petrodar consortiums. The December 2013 beginning of the South Sudanese Civil War prompted Chinese policymakers to consider whether to relinquish oil fields and other investments or to continue to maintain them during the conflict. Ultimately, a minimum team of Chinese nationals working for CNPC remained to continue oil production. This decision allowed South Sudan's oil sector to continue to operate although CNPC suffered huge losses given high transportation costs and low international oil prices. Continuing oil production helped China to earn trust from

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3840-757: Is connected to the Shaan-Jing pipeline by three branch pipelines. The 886 kilometres (551 mi) long Ji-Ning branch between the Qingshan Distributing Station and the Anping Distributing Station became operational on 30 December 2005. The pipeline is supplied from the Tarim Basin oil and gas fields in Xinjiang province. The Changqing gas area in Shaanxi province is a secondary gas source. In

3960-586: Is currently Asia's largest oil and gas producer. Traded in Hong Kong and New York , the mainland enterprise announced its plans to issue stock in Shanghai in November 2007, and subsequently entered the constituent of SSE 50 Index . In the 2020 Forbes Global 2000 , PetroChina was ranked as the 32nd-largest public company in the world. PetroChina was established as a joint stock company with limited liabilities under

4080-529: Is expected that crude oil production from Rumaila will expand by 10% by the end of 2010 once the BP PLC/CNPC consortium takes over development of the field in June 2010. A contract was also awarded to a consortium led by CNPC (37.5%), including TotalEnergies (18.75%) and Petronas (18.75%) for the " Halfaya field " in the south of Iraq, which contains an estimated 4.1 billion barrels (650,000,000 m) of oil. In August 2023, CNPC Daqing Drilling Engineering Co

4200-764: Is mainly supplied by the Central Asia-China gas pipeline . The pipeline is expected to cost US$ 20 billion. The project is developed by China National Oil and Gas Exploration and Development Corp. (CNODC), a joint venture of China National Petroleum Corporation and PetroChina. Construction of the third pipeline started in October 2012 and it is to be completed by 2015. The third pipeline will run from Horgos in western Xinjiang to Fuzhou in Fujian . It will cross Xinjiang, Gansu, Ningxia, Shaanxi, Henan, Hubei, Hunan, Jiangxi, Fujian, and Guangdong provinces. The total length of

4320-555: Is named PetroChina Canada and has an office in Calgary . It operates under the direction of Li Zhiming. China signed a deal in 2016 with the Nepal Oil Corporation to sell 30% of the total Nepalese petroleum consumption. China plans to build a pipeline to Nepal's Panchkhal along with a storage depot. In 2017, the shares of PetroChina upped after the rise of natural gas prices for commercial use. In February 2019, as part of

4440-554: The Aral Sea . In October 2004, CNPC began construction of a pipeline from the Middle East to Xinjiang province. In June 2023, QatarEnergy signed a 27- year deal with CNPC for 4 million metric tons of LNG to be delivered yearly. This is the second agreement that Qatar has made with a Chinese company in less than a year. In November 2022, Sinopec and QatarEnergy made a similar deal. Both CNPC and Sinopec also have an equity stake in

4560-812: The Arctic shelf and a section of the deep-water shelf. In 2008, Gazprom carried out 284.9 kilometres (177.0 mi) of explorative well drilling; 124,000 kilometres (77,000 mi) of 2D seismic and 6,600 square kilometres (2,500 sq mi) of 3D seismic survey. As a result, gas reserves grew by 583.4 billion cubic metres (20.60 trillion cubic feet), and crude oil and gas condensate reserves grew by 61 million tons. Gazprom carries out prospecting and exploration in foreign countries such as India , Pakistan , Algeria , Venezuela , Vietnam , Libya , Kazakhstan , Uzbekistan , Kyrgyzstan and Tajikistan . Gazprom's Unified Gas Supply System (UGSS) includes 158,200 kilometres (98,300 mi) of gas trunklines and branches and 218 compressor stations with

4680-544: The Baltic Sea for sea transportation westward. It would process ethane -containing natural gas with a capacity of 13 million tons of LNG per year. In 2024, Gazprom faced a significant shortage of LNG tankers, leading the company to use the Marshal Vasilevskiy floating storage and regasification unit (FSRU) for exporting LNG from its Portovaya facility. This shortage occurred because Gazprom's regular tankers, such as

4800-717: The Black Sea . In 1997, the Blue Stream Pipeline agreement between Turkey and Russia was signed. In 2000, the first joint was welded. The pipeline has transported 16 billion cubic meters each year. Exploration of the Yamal peninsula has found reserves of over 10 trillion cubic metres of natural gas and over 500 million tons of oil and gas condensate. About 60 percent of these reserves are located in Bovanenkovo , Kharasavey and Novoportovo. The natural gas production capacity of

4920-585: The British Virgin Islands , implicating CNPC , PetroChina, Sinopec , and CNOOC in offshore tax evasion. PetroChina was ranked 30th in 2018 Forbes Global 2000 , a list of top listed companies of the world. In 2019, PetroChina was ranked 22nd in Forbes Global 2000 . In 2023, PetroChina was ranked #18 in Forbes' Global 2000 (World's Largest Public Companies). PetroChina, on 24 October 2008 issued

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5040-543: The Central Commission for Discipline Inspection announced that it was investigating former PetroChina vice president Ling Xiao, for "serious disciplinary violations." In 2014, Lanzhou Petrochemical, a subsidiary of CNPC, was responsible for ethylene and ammonia leaks, benzene contamination of water supplies, and air pollution in Lanzhou . City officials criticized the company and demanded an apology. On 23 December 2003,

5160-573: The China National Petroleum Corporation made a contract worth $ 400 billion over thirty years. The contract was for Gazprom to deliver 38 billion cubic meters of natural gas per year to China beginning in 2018. In August 2014, construction began with pipes for the Power of Siberia pipeline delivered to Lensk, Yakutia. Russia will start supplying natural gas to China through the Power of Siberia pipeline on 20 December 2019 as part of

5280-634: The Chinese Petroleum Corporation (CPC Corporation), which was relocated to Taiwan with the retreat of the Republic of China following the communist revolution in 1949, CNPC originated as a governmental department under the Government of the People's Republic of China . In 1949, the Chinese government formed a 'Fuel Industry Ministry' dedicated to the management of fuel . In January 1952 a division of

5400-573: The Nord Stream 2 contracts were signed, and by July 2021 the pipeline was commissioned. Following the Russian invasion of Ukraine in February 2022, the threat by Russia of reducing the supply of gas to Europe risked the Gazprom export market. When it was implemented, exports by Gazprom fell from the 185Bcm achieved in 2021 to 100Bcm in 2022 and fell again in 2023. The revenue of Gazprom, whilst initially supported by high prices collapsed in 2023 resulting in

5520-457: The Resolution of the Government of Russia of 17 February 1993, Gazprom became a joint-stock company . Gazprom began to distribute shares under the voucher method . (Each Russian citizen received vouchers to purchase shares of formerly state-owned companies). By 1994, 33% of Gazprom's shares had been bought by 747,000 members of the public, mostly in exchange for vouchers. Fifteen percent of

5640-599: The Russia-Ukraine gas dispute , Gazprom ceased the supply of gas to the Ukrainian market. Gazprom called on the government of Ukraine to increase its payment for natural gas in line with increases in global fuel prices. During the night of 3 January 2006, and early morning of 4 January 2006, Naftogas of Ukraine and Gazprom negotiated a deal that temporarily resolved the long-standing gas price conflict between Russia and Ukraine. On 3 April 2006, Gazprom announced it would triple

5760-604: The Southern Federal District and North Caucasus Federal District . Gazprom has invested about 480 billion rubles ($ 20 billion) in new major projects in order to maintain supply. Nearly 37 percent of Gazprom's reserves are located in the Yamal Peninsula and in the Barents Sea . One of Gazprom's major projects is the Blue Stream Pipeline. The Blue Stream Pipeline delivers natural gas to Turkey via

5880-426: The Yamburg subsidiary produced 41 percent, Urengoy 23.6 percent, Nadym 10.9 percent, Noyabrsk 9.3 percent and others 15.2 percent. In addition, the company produced 32.28 million tons of oil and 12.07 million tons of gas condensate. The majority of Gazprom's fields are located in the Nadym-Pur-Taz region (near the Gulf of Ob ) in Yamalo-Nenets Autonomous Okrug in Western Siberia . Historically,

6000-574: The 10 provinces in China. Natural gas transported by the pipeline is used for electricity production in the Yangtze River Delta area. The capacity of the pipeline is 12 billion cubic metres (420 billion cubic feet) of natural gas annually. The cost of the pipeline was US$ 5.7 billion. By the end of 2007, the capacity was planned to be upgraded to 17 billion cubic metres (600 billion cubic feet). For this purpose, ten new gas compressor stations will be built and eight existing stations are to be upgraded. The West–East Gas Pipeline

6120-414: The Arrow Energy joint venture with Royal Dutch Shell , the company was granted leases for $ 10 billion (AUS) towards the Surat project in Queensland, Australia. Liaoyang Petrochemical Corp, a unit of PetroChina, in May 2019 exported to Europe for the first time. PetroChina posted a US$ 4 billion profit for 2019. In 2023, PetroChina received the equivalent of US$ 343 million in state subsidies . PetroChina

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6240-399: The Baltic states. Gazprom received about 60 percent of its revenue from its sales to European customers. In 2008, the average gas price paid by Russian industrial customers was $ 71/mcm, while households paid $ 54/mcm. Since 2000, Natural gas prices have fluctuated. In late 2007, the price of natural gas at the New York NYMEX was $ 7.53 per million British thermal units ($ 25.7/ MWh ). At

6360-405: The Board of Directors of PetroChina announced that following good faith discussions with all parties to the Joint Venture Framework Agreement, the parties had not been able to reach an agreement, and the joint venture framework agreement was terminated. The 4,000 kilometres (2,500 mi) long pipeline runs from Lunnan in Xinjiang to Shanghai . The pipeline passes through 66 cities in

6480-408: The Bovanenkovo field was estimated to be 115 billion cubic metres per annum (4.1 trillion cubic feet per annum), with potential to increase to 140 billion cubic metres per annum (4.9 trillion cubic feet per annum). The Shtokman field is one of the world's largest natural gas fields. It is located in the central part of the Barents Sea , 650 kilometres (400 mi) northeast of

6600-433: The Chinese to build the remaining pipeline. In January 2023, as a result of the sanctions imposed on Russia (as a result of the invasion of Ukraine in 2022), Gazprom announced its exports of gas fell 45% from 185Bcm to 101Bcm, mainly due to the loss of the European market. During 2023 exports fell again, with Europe purchasing just 28Bcm, a level not seen since the 1970's. On 1 January 2006, at 10:00 (Moscow time), during

6720-687: The Company Law of the People's Republic of China (the PRC) on 5 November 1999, as part of the restructuring of 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. Because of Sinopec's link to Sudan through parent company China Petrochemical Corporation , several institutional investors such as Harvard and Yale decided, in 2005, to divest from Sinopec. Sudan divestment efforts have continued to be concentrated on PetroChina since then. Fidelity Investments , after pressure from activist groups, also announced in

6840-412: The English-language version of the design is positioned the company's name in an emboldened, black typeset, " PetroChina " ( Chinese : 中 国 石 油 ; pinyin : Zhōngguó shíyóu ). PetroChina's current logo was adopted 26 December 2004. The contour of the logo is defined as a "petal graphic equally divided by ten in red and yellow colors", which, according to description, "are the basic colors of

6960-885: The Gazprom Neft shares for $ 13.1 billion. Gazprom's ability to supply natural gas to domestic market and for reexport has relied to a large extent on imports from Central Asia . In 2007, Gazprom imported a total of 60.7 billion cubic metres (2.14 trillion cubic feet) from Central Asia: 42.6 billion cubic metres (1.50 trillion cubic feet) from Turkmenistan , 8.5 billion cubic metres (300 billion cubic feet) from Kazakhstan , and 9.6 billion cubic metres (340 billion cubic feet) from Uzbekistan . In particular, Gazprom purchased seventy-five percent of Turkmenistan gas exports in order to supply gas to Ukraine . In 2008, Gazprom paid $ 130/mcm to $ 180/mcm for gas from Central Asia. In 2015, Gazprom's proved and probable reserves of natural gas were 23.705 trillion cubic metres (837.1 trillion cubic feet),

7080-432: The Greater Nile Petroleum Operating Company was established with the China National Petroleum Corporation (CNPC) taking 40 percent ownership". In August 2005 it was announced that CNPC agreed to buy the Alberta-based PetroKazakhstan for US$ 4.18 billion, then the largest overseas acquisition by a Chinese company. The acquisition went through on 26 October 2005 after a Canadian court turned down an attempt by LUKoil to block

7200-418: The Iranian South Pars gas field because of sanctions pressure from the US, leaving CNPC to take up their 50.1% stake in the $ 5 billion natural gas field, of which it had already 30%. It held this 80.1% share until it withdrew its investment in October 2019 due to the US sanctions on Iran, according to Oil Minister Bijan Zangeneh quoted by the SHANA news agency. CNPC with Indian state oil firm, ONGC created

7320-449: The Kapuni gas fields of South Taranaki New Zealand in late 2012 for "tight gas". The rig completed the Kapuni drilling campaign of 4 wells for STOS (Shell Todd Oil Services) in August 2013. Its next drilling project commenced August 2013 for Tag Oil with one well successfully drilled at Cheal C of a depth of just under 5,000m. The rig was then stood down pending appeals for the next stage of a drilling campaign for Tag Oil in March 2014. Due to

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7440-531: The Kazakh state-owned oil company. In June 2023, CNPC received full support from Samruk-Kazyna for investments in the expansion of Kazakhstan's gas and oil pipeline capacities, as well as the construction of a sour gas processing plant to be located at the Kashagan offshore development site. In addition, CNPC was involved in the upgrade projects at the Shymkent oil refinery. Through the implementation of these projects, China will be able to receive oil produced and then diverted from Kazakhstan. The modernisation of

7560-454: The National Development and Reform Commission. In 2011, Earthrights International accused PetroChina of complicity in serious human rights abuses in Burma , a country known for militarily furthering its economic interests through the use of forced labor. In September 2013, Jiang Jiemin , a former chairman of PetroChina, was abruptly removed from his role as director of the State-owned Assets Supervision and Administration Commission of

7680-429: The Pskov, were involved in extended voyages to Asia, avoiding the Suez Canal and Red Sea due to security threats from Houthi attacks . In 2006, Gazprom sold 316 billion cubic metres (11.2 trillion cubic feet) of gas to domestic customers; 162 billion cubic metres (5.7 trillion cubic feet) to the rest of Europe; and 101 billion cubic metres (3.6 trillion cubic feet) to CIS countries and

7800-589: The Qatar North Field eastern expansion which amounts to about 5% of an LNG train of 8 million metric tons of year. CNPC announced that it would begin a 457-day drilling project in the Taklimakan Desert in June 2023 to drill down to the Earth's core, 10,000 metres deep, for scientific purposes and to search for oil and gas. In August 2023, CNPC also began ultra-deepwater exploration drilling in search for oil and gas to slowly enable China to rely less on foreign oil. In May 2014, A 30-year deal between Russia 's Gazprom and China National Petroleum Corporation (CNPC) which

7920-449: The Qatar North Field eastern expansion which amounts to about 5% of an LNG train of 8 million metric tons of year. In September 2013, Jiang Jiemin , a former chairman of PetroChina, a subsidiary of CNPC, was abruptly removed from his role as director of the State-owned Assets Supervision and Administration Commission of the State Council and investigated for corruption and abuse of power, along with four other senior oil executives. Jiang

8040-428: The Russian Government authorised a long-term programme to develop and expand the liquefied natural gas industry in Russia with nine more LNG plants, to address the growing global LNG market. In August 2021 Russia's first LNG bunkering vessel, Dmitry Mendeleev , was completed for Gazprom. In October 2021, Gazprom and RusGazDobycha announced they would build a new plant, Baltic LNG , at Ust-Luga , with access to

8160-459: The South Sudanese government and support from the international community for its contribution in stabilizing South Sudan's economy. As of 2023, CNPC operates oil fields in Chad with a Swiss company. In Mozambique, CNPC owns 20% of two natural gas projects as of 2023. As of 2023, CNPC in a joint project with Niger's central government runs a refinery. CNPC also runs the country's only operational oil field. In December 2011, Afghanistan signed

8280-409: The State Council and investigated for corruption and abuse of power, along with four other senior oil executives. Jiang was considered an ally of corrupt former security chief Zhou Yongkang , and part of a group of officials that had political ties with Zhou. On 12 October 2015, the court found Jiang guilty on all counts, including accepting bribes, possessing dark assets, and abusing his power. He

8400-455: The Taliban takeover. CNPC is one of the most active Chinese companies in the petroleum sector in Kazakhstan. It is heavily involved in the development of Kazakh oil after the acquisition of Alberta-based PetroKazakhstan , a company with all operations in Kazakhstan. The company was purchased for $ 4.18 billion. Political resistance in Kazakhstan to the deal was placated by the sale of a minority stake in PetroKazakhstan by CNPC to KazMunaiGaz ,

8520-427: The Tarim basin and coalbed methane in Xinjiang. Compressors for the pipeline are supplied by Rolls-Royce . In November 2005, one of PetroChina's chemical plants exploded in Jilin , China, resulting in 100 tons of benzene , which is a carcinogen and toxic, pouring into the Songhua River . There was a slick of chemicals that spanned 80 kilometres. Harbin , which is another city along the Songhua River , had to cut

8640-639: The allegations. In July 2019, Malaysian authorities seized $ 243.5M from China Petroleum Pipeline Engineering to compensate for the paid for but unfinished pipelines and transferred to a Malaysian government-owned business. CNPC's subsidiary China Huanqiu Contracting & Engineering Corporation has been doing business in Sri Lanka since 1997. It became one of the first companies involved in the Hambantota International Port project when it began work on refueling facilities and oil tank projects following

8760-657: The challenges faced in transporting gas last winter when logistical issues forced buyers to truck LNG thousands of kilometers from import terminals to consumption areas. The country has started an ambitious program to convert large numbers of coal-fired boilers to cleaner natural gas, to curb smog and pollution. CNPC was the first Chinese enterprise to invest in Africa. In 1996, it began developing oil fields previously discovered by Chevron in Sudan, but which Chevron had abandoned due to civil conflict in Sudan. The Great Wall Drilling Company,

8880-558: The city of Murmansk and 1,000 kilometres (620 mi) west of the Yamal Peninsula. The field is estimated to contain up to 3.7 trillion cubic metres (130 trillion cubic feet) of gas. Potential production is 71 billion cubic metres per annum (2.5 trillion cubic feet per annum) in the initial phases, with a potential increase to 95 billion cubic metres per annum (3.4 trillion cubic feet per annum). Gazprom, TotalEnergies (France) and Statoil (Norway) created

9000-499: The company's exploration projects are carried out by the Great Wall Drilling Company (GWDC), a wholly owned drilling services company. In 2018 the company announced it is building natural gas storage facilities with a total capacity of 55.6 billion cu m in the northern Henan province, to ease supply bottlenecks in the peak winter season. China has accelerated the construction of underground gas storage facilities due to

9120-455: The company's huge power of cohesion and creativity". The general floral connotations of the logo are designed to capture PetroChina's "social responsibility of creating harmony between energy and environment". Finally, the sun ascending over the horizon in the center of the logo epitomizes the prosperous future hoped to lie within the future of PetroChina. Gazprom PJSC Gazprom (Russian: Газпром , IPA: [ɡɐsˈprom] )

9240-476: The company's revenue amounted to 8 trillion rubles. Gazprom is vertically integrated and is active in every area of the gas industry, including exploration and production , refining , transport , distribution and marketing , and power generation . In 2018, Gazprom produced twelve percent of the global output of natural gas, producing 497.6 billion cubic meters of natural and associated gas and 15.9 million tonnes of gas condensate . Gazprom then exports

9360-452: The contract, Russia was to supply 38 billion cubic meters of gas annually over 30 years at a cost of $ 350 per thousand cubic meters beginning in 2018. In 2013, the average price of Gazprom's gas in Europe was about $ 380 per thousand cubic meters. China offered a loan of about $ 50bn to finance development of the gas fields and the construction of the pipeline by Russia up to the Chinese border, with

9480-513: The development of Iranian oil fields following international sanctions that targeted the Iranian oil and gas sectors leading many European energy companies such as Shell Oil , Repsol , etc. to shut down operations in Iran. The CNPC along with Sinopec has been involved in various projects relating to Iran's oil/gas development. As of 2011, CNPC has been developing Iran's age-old Masjed Soleyman Oil Field ,

9600-399: The domestic market will see price rises of 34% by July 2025. Gazprom delivered gas to 25 European countries. Its main export arm is Gazprom Export LLC, founded in 1973 and before 1 November 2006 known as Gazexport, which has a monopoly on gas exports to countries outside of the former Soviet Union. The majority of Russian gas in Europe is sold on 25-year contracts. In late 2004, Gazprom

9720-709: The early 2000s, and since then, the company has been involved in the Russian government's diplomatic efforts, setting of gas prices, and access to pipelines. The company is majority-owned by the Russian government , via the Federal Agency for State Property Management and Rosneftegaz , while the remaining shares are traded publicly. Gazprom, listed on the Moscow Exchange, had a market capitalization of RUB3.94T (US$ 44.96 billion) in March 2000, which increased to US$ 80.56 billion by September 2019. In 1943, during World War II ,

9840-522: The families of sailors who died during the Kursk submarine disaster and additional criticism of Putin's handling of the Second Chechen War . Gusinsky then fled Russia which Gazprom taking over NTV. In June 2005, Gazprombank , Gazpromivest Holding, Gazfond and Gazprom Finance B. V., subsidiaries of Gazprom, sold a 10.7399% share of their stock for $ 7 billion to Rosneftegaz  [ ru ] ,

9960-650: The former Russian Finance Minister Boris Fyodorov . Miller and Medvedev were to stop asset stripping at Gazprom and to recover losses. Itera was denied access to Gazprom's pipelines and came close to bankruptcy . In 2006, Itera agreed to return stolen assets to Gazprom for a fee. Browder was deported from Russia, in 2005, and the Russian arm of Hermitage Capital Management was seized two years later. In April 2001, Gazprom acquired NTV , Russia's only nationwide state-independent television station, from Vladimir Gusinsky 's company, Media-Most Holdings. Gusinsky fell out of Putin's favor after using NTV to publish criticism from

10080-598: The fuel ministry was formed to manage petroleum exploration and mining, called the 'Chief Petroleum Administration Bureau'. In July 1955 a new ministry was created to replace the Fuel Industry Ministry, called the Ministry of Petroleum. From 1955 to 1969, approximately 4 oil fields were found in 4 areas in Qinghai , Heilongjiang ( Daqing oilfield ), Bohai Bay and Songliao basin. CNPC was created on 17 September 1988, when

10200-595: The future, the planned Kazakhstan-China gas pipeline will be connected to the West–East Gas Pipeline. Starting from 15 September 2009, the pipeline is also supplied with coalbed methane from the Qinshui Basin in Shanxi . Construction of the second West–East Gas Pipeline started on 22 February 2008. The pipeline with a total length of 9,102 kilometres (5,656 mi), including 4,843 kilometres (3,009 mi) of

10320-570: The gas through pipelines that the company builds and owns across Russia and abroad, such as Nord Stream 1 and TurkStream . In the same year, Gazprom has proven reserves of 35.1 trillion cubic meters of gas and 1.6 billion tons of gas condensate. Gazprom is also a large oil producer through its subsidiary Gazprom Neft , producing about 41 million tons of oil with reserves amounting to 2 billion tons. The company also has subsidiaries in industrial sectors, including finance , media and aviation , and majority stakes in other companies. Gazprom

10440-487: The gas well was built too close to homes, that workers failed to promptly inform authorities, that workers neglected to ignite the gas to prevent disaster, and that the company had not undergone an official environmental and safety assessment before commencing operations. On March 25, 2006, another leak in the Luojia No. 2 gas well in Chongqing required the evacuation of 15,000 people. Three attempts were required to properly seal

10560-463: The government decided to create a state-owned company to handle all Petroleum activities in China and disbanded the Ministry of Petroleum. CNPC's international operations began in 1993. The CNPC subsidiary SAPET signed a service contract with the government of Peru to operate Block VII in the Talara Province basin. This was followed by an oil contract with the government of Sudan "In June 1997,

10680-615: The government of the Soviet Union developed a domestic gas industry. In 1965, it centralized gas exploration , development, and distribution within the Ministry of Gas Industry. In the 1970s and 1980s, the Ministry of Gas Industry found large natural gas reserves in Siberia , the Ural region and the Volga Region . The Soviet Union became a major gas producer. In August 1989, under the leadership of

10800-738: The leak. In August 2013, the operations of a CNPC subsidiary in Chad were suspended entirely by the country's government after it had violated environmental standards while drilling for crude oil in the south of the country. "We found flagrant violations of environmental standards by the company ... CNPC's behavior was unacceptable," said Le Bemadjiel, Chad's minister of oil. The minister also claimed that CNPC discharged oil intentionally to reduce costs, did not have facilities to clean spilled crude oil, dumped crude oil without safeguards, and asked locals to help remove crude oil without providing them with appropriate protective gear. In March 2014, Chad fined CNPC worth

10920-493: The main line and eight sub-lines, will run from Khorgas in northwestern Xinjiang to Guangzhou in Guangdong . Up to Gansu , it will be parallel and interconnected with the first west–east pipeline. The western part of the pipeline is expected to be commissioned by 2009, and the eastern part by June 2011. The capacity of the second pipeline is 30 billion cubic metres (1.1 trillion cubic feet) of natural gas per year. It

11040-618: The minister of Gas Industry of the Soviet Union (1985-1989) Viktor Chernomyrdin , the Ministry of Gas Industry was renamed the State Gas Concern Gazprom , and became the Soviet Union's first state-run corporate enterprise. In late 1991, when the Soviet Union dissolved , gas industry assets were transferred to newly established national companies, such as Naftogaz and Turkmengaz . Gazprom kept assets located in Russia and secured

11160-519: The national flag of the People's Republic of China , and which embody the characteristics of the oil and gas industry". The essentially spherical design of the logo, meant to exemplify PetroChina's global development stratagem. The ten equanimous petals are indicative of PetroChina's ten consolidated core businesses. The red substratum is intended to highlight "an angle of a square shape, not only demonstrating PetroChina's strong fundamentals, but also implicating

11280-410: The next week. On 23 June 2007, the governments of Russia and Italy signed a memorandum of understanding towards a joint venture between Gazprom and Eni SpA to construct a 558-mile (900 km) gas pipeline to carry 1.05 trillion cubic feet (30 km ) gas per year from Russia to Europe. This South Stream pipeline would extend under the Black Sea to Bulgaria with a south fork to Italy and

11400-744: The oil company Sibneft for $ 13.01 billion. Sibneft was renamed Gazprom Neft . The purchase was aided by a $ 12 billion loan. Gazprom became Russia's largest company. On the day of the deal the company worth was valued at £ 69.7 billion (US$ 123.2 billion). In July 2006, On Gas Export was enacted with nearly unanimous vote from the State Duma . This law gave Gazprom the exclusive right to export natural gas from Russia. In December 2006, Gazprom signed an agreement with Royal Dutch Shell , Mitsui and Mitsubishi , to take over fifty percent plus one share of Sakhalin Energy . In June 2007, TNK-BP ,

11520-630: The oil industry. and CNPC spun off most of its domestic assets into a separate company, PetroChina . On 5 November 2007, HK listed PetroChina was listed as an A-share in the Shanghai Stock Exchange . Driven by China's increasing energy needs and supported by the government's Go Out policy , CNPC was among the state-owned enterprises which expanded internationally. Because the more accessible oil resources had already been claimed, CNPC and other enterprises entered less politically stable countries with greater political and security risks. In 2012,

11640-656: The oil refinery in Shymkent was completed in August 2023. Pakistan Great Wall Drilling Corporations (GWDC) was operating in Pakistan until 2008. In 2008, all of GWDC operations and assets in Pakistan were acquired by Chuanqing Drilling Engineering Company Limited (CCDC) another subsidiary of CNPC. In 2006, CNPC formed an international consortium with state-run Uzbekneftegaz , LUKoil Overseas, Petronas , and Korea National Oil Corporation to explore and develop oil and gas fields in

11760-468: The oldest oil field of the Middle East, together with Iranian counterpart NIOC in a deal worth 200 million dollars. Production from this particular oil field was expected to increase in 2011 from 2,500 barrels (400 m) a day to 25,000 barrels (4,000 m) after the completion of the first phase, and to 55,000,000 bbl/d (8,700,000 m/d) following the completion of phase 2 of the project. In August 2018, TotalEnergies officially withdrew from

11880-668: The periods involved it was decided to end its drilling campaign in New Zealand. Rig 43 was then dismantled and shipped to other overseas locations and no longer operates in New Zealand. China Petroleum Pipeline Engineering, a unit of CNPC, was the primary contractor working to establish two pipelines in Malaysia. The project was accused of involvement in corruption and was suspended by the Pakatan Harapan seventh cabinet of Malaysian Prime Minister Mahathir Mohamed in 2018. The company denied

12000-578: The price of natural gas to Belarus after 31 December 2006. In December 2006, Gazprom threatened to cease supply of gas to Belarus at 10 am Moscow time on 1 January 2007, unless Belarus increased payments from $ 47 to $ 200 per 1,000 cubic metres or to cede control over its distribution network. Some analysts suggested Moscow was penalising Alexander Lukashenko , the President of Belarus, for not delivering on pledges of closer integration with Russia , while others noted that other countries like Armenia were paying as much for their gas as Belarus would with

12120-536: The project. The construction of the West–East Gas Pipeline started in 2002. The pipeline was put into trial operation on 1 October 2004, and the full commercial supply of natural gas commenced on 1 January 2005. The pipeline is owned and operated by PetroChina West–East Gas Pipeline Company, a subsidiary of PetroChina. Originally, it was agreed that PetroChina would have owned 50% of the pipeline, while Royal Dutch Shell , Gazprom , and ExxonMobil had been slated to hold 15% each, and Sinopec 5%. However, in August 2004,

12240-616: The sale. In 2006 67% of shares were sold from the parent company to PetroChina In June 1997, the company bought a 60.3% stake in the Aktobe Oil Company of Kazakhstan , and in July 1997 CNPC won an oil contract for the Intercampo oilfield and East Caracoles oilfield in Venezuela . In July 1998, the government restructured the company in accordance with the upstream and downstream principle of

12360-513: The site and Iraqi oil officials claimed thievery from the oil site by local farmers. Adhab is not expected to be a major profit center, earning the company a projected 1 percent profit, but the field was seen as an entry strategy into Iraq. Following Adhab, CNPC obtained a production contract during the 2009/2010 Iraqi oil services contracts tender to develop the much larger " Rumaila field " with joint venture partner BP , which contains an estimated 17.8 billion barrels (2.83 × 10 m) of oil. It

12480-404: The stock was allocated to Gazprom employees. The state retained 40% of the shares. That amount was gradually lowered to thirty-eight percent. Trading of Gazprom's shares was heavily regulated. Foreigners were prohibited from owning more than nine-percent of the shares. In October 1996, 1% of Gazprom's equity was offered for sale to foreigners as Global Depository Receipts . In 1997, Gazprom offered

12600-486: The third pipeline is 7,378 kilometres (4,584 mi), including 5,220-kilometre (3,240 mi) trunkline and eight branches. In addition, the project includes three gas storages and a LNG plant . It will have a capacity of 30 billion cubic metres (1.1 trillion cubic feet) of natural gas per year with operating pressure of 10–12 megapascals (1,500–1,700 psi). The pipeline will be supplied from Central Asia–China gas pipeline's Line C supplemented by supplies from

12720-572: The three largest fields are Medvezhe, Urengoy and Yamburg . After more than twenty years of production, the fields are now in decline. Production from the fields has decreased by twenty to twenty-five bcm per year. The production at Zaporliarnoe , Gazprom's fourth largest field, increased until 2004, offsetting the decline in the other fields. Since 2004, Gazprom has maintained production by activating new smaller fields and by purchasing production assets from other companies. Gazprom Neft produces crude oil. In 2005, Gazprom purchased 75 percent of

12840-562: The two countries' $ 400 billion energy pact. Beijing and Moscow are now negotiating over a second Far Eastern gas pipeline. In June 2014, Gazprom negotiated with the International Petroleum Investment Company (IPIC of Abu Dhabi ) over a 24.9 percent stake in the Austrian oil and gas firm OMV . In July 2014, Gazprom acquired Central Partnership , one of the largest film distributors in Russia. In September 2015

12960-481: The water supply from almost 4 million people, for 5 days. More than 60 people were injured, five died, and one person was missing due to the incident. The spill reached as far as Khabarovsk , Russia, where residents stocked up on bottled water. The Russian city tried filtering its water of toxic substances, but could not guarantee the water was safe. China's environmental agency fined the company one million yuan (approximately $ 125,000, £64,000) for its pollution, which

13080-409: Was 10 years in the making was estimated worth $ 400 billion. The agreement was signed at a summit in Shanghai and is expected to deliver some 38 billion cubic meters of natural gas a year, starting around 2018, to China 's burgeoning economy. CNPC operated in New Zealand as CCDC (NZ) Drilling and had one drilling rig, a triple stand DC rig named Rig 43. CCDC NZ started workover/drilling operations in

13200-410: Was allowed to accelerate its renewable energy business in 2022, installing 5.36 gigawatts of wind and solar power plants and 11.2 million square meters of geothermal projects during the first half of the year. This came after the company posted a 55.3 percent year-on-year increase in interim earnings. PetroChina Pipelines is a subsidiary (72.26%) of PetroChina that managed the first three pipelines of

13320-847: Was announced in July. In February 2022, CNPC and Russia’s Gazprom signed a supply contract for 10 bcm per year through the Far Eastern route. Following the 2022 Russian invasion of Ukraine the company continued doing business in Russia and was listed on Ukraine's International Sponsors of War along with Sinopec for continuing to pay Russian taxes. CNPC holds proven reserves of 3.7 billion barrels (590,000,000 m) of oil equivalent. In 2007, CNPC produced 54 billion cubic metres of natural gas. CNPC has 30 international exploration and production projects with operations in Azerbaijan , Canada , Iran , Indonesia , Myanmar , Oman , Peru , Sudan , Niger , Thailand , Turkmenistan , and Venezuela . Many of

13440-569: Was awarded an EPC to drill wells with two rigs located in the Rumaila oilfield in Iraq. The engineering, procurement and construction contract is said to be worth $ 194 million and the number of wells allowed to be drilled were not disclosed. CNPC took over the West Qurna 1 oilfield in January 2024 from ExxonMobil . The oilfield is located Northwest of Basra and produces over 25 million tonnes of crude oil annually. CNPC became increasingly involved in

13560-758: Was being sued by the European Union for signing a contract with Russia, which was not aligned with European Union regulations. The president of Bulgaria, Rosen Plevneliev , pressured the European Union and Russia to quickly resolve the matter. On 4 September 2012, the European Commission announced an anti-trust investigation into Gazprom's activities. This was based on "concerns that Gazprom may be abusing its dominant market position in upstream gas supply markets." In late November 2013, Gazprom expanded its media interests by acquiring Profmedia from Vladimir Potanin . On 21 May 2014, in Shanghai , Gazprom and

13680-514: Was considered an ally of corrupt former security chief Zhou Yongkang , and part of a group of officials that had political ties with Zhou. On October 12, 2015, the court found Jiang guilty on all counts, including accepting bribes, possessing dark assets, and abusing his power. He was sentenced to 16 years in prison. In January 2017, former PetroChina vice chairman Liao Yongyuan was sentenced to 15 years in prison for abuse of power and accepting nearly $ 2 million worth of bribes. In October 2021,

13800-469: Was created in 1989, when the Soviet Ministry of Gas Industry was converted to a corporation , becoming the first state-run corporate enterprise in the Soviet Union . After the Soviet Union's dissolution , Gazprom was privatized, retaining its Russia-based assets. At that time, Gazprom evaded taxes and state regulations and engaged in asset stripping . The company later returned to government control in

13920-517: Was responsible for ethylene and ammonia leaks, benzene contamination of water supplies, and air pollution in Lanzhou . City officials criticized the company and demanded an apology. PetroChina's development of gas reserves in Tarim Basin , Xinjiang has been the subject of controversy, as such a project could pose a threat to the environment. In 2008, PetroChina began constructing a $ 5.5 billion petrochemical plant, expected to produce 800,000 tons of ethylene and refine 10 million tons of crude oil

14040-581: Was sentenced to 16 years in prison. In January 2017, former vice chairman Liao Yongyuan was sentenced to 15 years in prison for abuse of power and accepting nearly $ 2 million worth of bribes. In October 2021, the Central Commission for Discipline Inspection announced that it was investigating former vice president Ling Xiao, for “serious disciplinary violations”. In January 2014, the International Consortium of Investigative Journalists published research based on leaked financial records from

14160-435: Was the maximum fine that can be handed out in China for breaking an environmental law. The Chinese government said that cleaning up the aftermath would require one billion US dollars. Li Zhaoxing , Chinese Foreign Minister at the time, issued a public apology to Russia due to the incident. The Chinese press responded harshly to the authorities' response to the disaster. In 2014, Petrochina's subsidiary Lanzhou Petrochemical

14280-579: Was the sole gas supplier to Bosnia and Herzegovina, Estonia, Finland, Macedonia, Latvia, Lithuania, Moldova, Serbia and Slovakia. It provided 97 percent of Bulgaria's gas, 89 percent of Hungary's gas, 86 percent of Poland's gas, nearly 75 percent of the Czech Republic's, 67 percent of Turkey's, 65 percent of Austria's, about 40 percent of Romania's, 36 percent of Germany's, 27 percent of Italy's, and 25 percent of France's gas. By December 2010 with strong support from Alexander Medvedev and Antonio Fallico, who

14400-526: Was the source of 40% of Gazprom's revenue. The proportion of Europe's gas bought in the spot market rose from 15 percent in 2008 to 44 percent in 2012. In September 2013, during the G20 summit, Gazprom signed an agreement with CNPC that the Henry Hub index would not be used to settle prices for their trades. On 21 May 2014, Putin met with Xi Jinping and negotiated a $ 400bn deal between Gazprom and CNPC. Under

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