Form 20-F Petrochina Company Limited

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Form 20-F Petrochina Company Limited UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F (Mark One) n REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2010. or n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or n SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report For the transition period from to Commission File Number 1-15006 (Exact name of Registrant as specified in its charter) PetroChina Company Limited (Translation of Registrant’s name into English) The People’s Republic of China (Jurisdiction of incorporation or organization) 9 Dongzhimen North Street Dongcheng District, Beijing 100007 The People’s Republic of China, (Address of principal executive offices) Li Hualin Telephone number: 8610 59986223 Facsimile number: 8610 62099557 Email address: [email protected] Address: 9 Dongzhimen North Street, Dongcheng District, Beijing 100007 The People’s Republic of China (Name, telephone, e-mail and/or facsimile number and address of registrant’s contact person) Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of Each Class Name of Each Exchange on Which Registered American Depositary Shares, each representing 100 H Shares, par value RMB1.00 per share* New York Stock Exchange, Inc. H Shares, par value RMB1.00 per share New York Stock Exchange, Inc.** Securities registered or to be registered pursuant to Section 12(g) of the Act. None (Title of Class) Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None (Title of Class) Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: A Shares, par value RMB1.00 per share*** 161,922,077,818(1) H Shares, par value RMB1.00 per share 21,098,900,000**** (1): Includes 157,764,597,259 A Shares held by CNPC and 4,157,480,559 A Shares held by the public shareholders. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¥ No n If this is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes n No ¥ Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) or the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ¥ No n Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes n No n Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act (Check one): Large Accelerated Filer ¥ Accelerated Filer n Non-Accelerated Filer n Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: n U.S. GAAP ¥ International Financial Reporting Standards as issued by the International Accounting Standards Board n Other If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 n Item 18 n If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes n No ¥ (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes n No n * PetroChina’s H Shares are listed and traded on The Stock Exchange of Hong Kong Limited. ** Not for trading, but only in connection with the registration of American Depository Shares. *** PetroChina’s A Shares became listed on the Shanghai Stock Exchange on November 5, 2007. **** Includes 1,862,364,900 H Shares represented by American Depositary Shares. Table of Contents Page Certain Terms and Conventions....................................................... 4 Forward-Looking Statements......................................................... 8 Part I Item 1 — Identity of Directors, Senior Management and Advisors ........................ 9 Item 2 — Offer Statistics and Expected Timetable . ................................. 9 Item 3 — Key Information ..................................................... 9 Exchange Rates ...................................................... 9 Selected Financial Data ................................................ 10 Risk Factors ........................................................ 12 Item 4 — Information on the Company ............................................ 16 Introduction......................................................... 16 Exploration and Production ............................................. 20 Refining and Chemicals ................................................ 28 Marketing .......................................................... 33 Natural Gas and Pipeline ............................................... 35 Competition ........................................................ 37 Environmental Matters................................................. 38 Legal Proceedings .................................................... 39 Properties .......................................................... 39 Intellectual Property .................................................. 40 Regulatory Matters ................................................... 40 Item 4A — Unresolved Staff Comments............................................. 47 Item 5 — Operating and Financial Review and Prospects ............................... 47 General ............................................................ 47 Operating Results .................................................... 50 Liquidity and Capital Resources.......................................... 57 Off-Balance Sheet Arrangements ......................................... 62 Long-Term Contractual Obligations and Other Commercial Commitments and Payment Obligations .................................................. 62 Research and Development ............................................. 62 Trend Information .................................................... 63 Other Information .................................................... 63 Item 6 — Directors, Senior Management and Employees ............................... 64 Directors, Senior Management and Supervisors .............................. 64 Compensation ....................................................... 74 Board Practices ...................................................... 74 Employees ......................................................... 76 Share Ownership ..................................................... 77 Item 7 — Major Shareholders and Related Party Transactions ........................... 77 Major Shareholders ................................................... 77 Related Party Transactions .............................................. 77 Interests of Experts and Counsel ......................................... 78 2 Table of Contents Page Item 8 — Financial Information ................................................. 79 Financial Statements .................................................. 79 Dividend Policy...................................................... 79 Significant Changes ................................................... 80 Item 9 — The Offer and Listing ................................................. 81 Nature of the Trading Market and Market Price Information ..................... 81 Item 10 — Additional Information ................................................ 82 Memorandum and Articles of Association . ................................. 82 Material Contracts .................................................... 82 Foreign Exchange Controls ............................................. 82 Taxation ........................................................... 83 Documents on Display................................................. 88 Item 11 — Quantitative and Qualitative Disclosures About Market Risk ..................... 88 Item 12 — Description of Securities Other Than Equity Securities ......................... 92 Part II Item 13 — Defaults, Dividends Arrearages and Delinquencies ............................ 92 Item 14 — Material Modifications to the Rights to
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