PetroChina Petroleum and Natural Gas Co., Ltd. (PetroChina) announced that its wholly-owned subsidiary Daqing Oilfield has signed an acquisition agreement with the Daqing Petroleum Administration and China National Petroleum Corporation Electricity Co., Ltd. on August 26, 2024, agreeing to acquire 100% equity of China National Petroleum Corporation Electricity Co., Ltd. for a transaction price of RMB 5,979.2761 million. After this acquisition is completed, China National Petroleum Corporation Electricity Co., Ltd. will become an indirect wholly-owned subsidiary of PetroChina, and its financial performance will be included in PetroChina's financial statements. According to the Listing Rules of the Hong Kong Stock Exchange, this acquisition constitutes a connected transaction. China Securities Co., Ltd. is the financial advisor for the acquisition, and Beijing Zhongqi Huazi...Show More

PetroChina Petroleum and Natural Gas Co., Ltd. (PetroChina) announced that its wholly-owned subsidiary Daqing Oilfield has signed an acquisition agreement with the Daqing Petroleum Administration and China National Petroleum Corporation Electricity Co., Ltd. on August 26, 2024, agreeing to acquire 100% equity of China National Petroleum Corporation Electricity Co., Ltd. for a transaction price of RMB 5,979.2761 million. After this acquisition is completed, China National Petroleum Corporation Electricity Co., Ltd. will become an indirect wholly-owned subsidiary of PetroChina, and its financial performance will be included in PetroChina's financial statements. According to the Listing Rules of the Hong Kong Stock Exchange, this acquisition constitutes a connected transaction. China Securities Co., Ltd. is the financial advisor for the acquisition, and Beijing Zhongqi Huazi Asset Appraisal Co., Ltd. conducted the asset appraisal. The appraisal report shows that the equity of China National Petroleum Corporation Electricity Co., Ltd. is evaluated at RMB 5,979.2761 million using the income method. China National Petroleum Corporation Electricity Co., Ltd. is mainly engaged in power generation, power supply, power sales, heating, and electrical utilities design and construction businesses, and was established in 2017. This acquisition will help promote the specialized and intensive development of PetroChina's power business and is in line with the company's green development strategy.