PetroChina Completes Acquisition of 51.89% Indirect Interest in CNPC HK       

PetroChina Company Limited (PetroChina, HK: 0857, SH: 601857) and CNPC (Hong Kong) Limited (CNPC HK) announced completion of the acquisition of a 51.89% indirect interest in CNPC HK on December 18th, 2008.
   Following the completion, PetroChina held a 100% interest in Sun World Limited which directly held approximately 56.66% interest in CNPC HK.
   With the acquisition, PetroChina will become a controlling holding company of CNPC HK, which is expected to further reduce its potential competition with its controlling shareholder China National Petroleum Corporation (CNPC). PetroChina has long been committed to achieving the strategic goals of establishing, standardizing, and perfecting its corporate governance practices, and promoting the development of its core oil and gas business. PetroChina will explore with CNPC HK potential opportunities to jointly develop urban gas, vehicle fuel gas and other natural gas businesses in end-user markets. By leveraging PetroChina's advantage in the resources and supply of natural gas and CNPC (HK)'s experience in independent and flexible business management and operation and capital market operation, PetroChina intends to jointly exploit the business opportunities with CNPC HK in the huge and rapidly growing natural gas end-user market in the PRC, and to focus on developing upstream and midstream natural gas business for PetroChina and creating an attractive new business growth area in the natural gas end-user market for CNPC HK, thereby achieving a win-win situation for the two companies.