PetroChina Transferred 1% of Its Shares to Sinopec for Free!

PetroChina Co., Ltd. recently issued an announcement that on September 5, 2022, the company received the "China National Petroleum Corporation Limited's Free Transfer" from the company's controlling shareholder, China National Petroleum Corporation (hereinafter referred to as CNPC). In order to strengthen the strategic cooperation between CNPC and China Petrochemical Corporation (hereinafter referred to as Sinopec Group) and optimize the company's shareholding structure, CNPC intends to transfer the shares of the company through free transfer. The 1,830,210,000 A shares of the Company held by it (accounting for 1% of the total share capital of the Company) were transferred to Sinopec Group.

After the free transfer, CNPC will hold 147,103,617,108 A shares of the company, accounting for 80.38% of the company's total share capital; Sinopec Group will hold 1,830,210,000 A shares of the company, accounting for the company's total share capital 1%. The free transfer will not lead to changes in the controlling shareholder and actual controller of the company.