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Thank you for reading this report and for your continued support of and concern for PetroChina.

As China’s largest oil and gas producer and supplier, and an important player in global oil and gas cooperation, PetroChina is devoted to providing sustainable energy support for global economic development and contributing its wisdom to address common human challenges such as climate change.

Over the past year, we maintained our strategic focus, and promoted steady development by consistently adhering to our strategy for resources, markets, internationalization and innovation. We made targeted measures to carry out internal reform and adjust our structure, worked hard to strengthen innovation-driven development and enhance quality and efficiency, and positively responded to market changes. Thanks to these efforts, the Company achieved steady and sound development. In 2017, we reported RMB 2,015.9 billion in turnover, RMB 22.8 billion innet profit, RMB 329.6 billion in taxes, and RMB 23.79 billion in dividends to shareholders. Through healthy and sustainable development, our efforts help to build a much better world.

We spared no effort to enhance quality and efficiency, to make our development more sustainable. We made full use of domestic and foreign resources and markets, promoted supply-side structural reform, strived to obtain cost-effective and low-carbon green energy resources, and kept improving our quality and efficiency in the supply of oil and gas products. Through focusing on both the oil value chain and the gas value chain, we maintained peak growth in oil and gas reserves and scored a new high in oil and gas equivalent production. We continuously optimized the refinery layout and structure, and improved our refined oil sales network. Several strategic pipelines including the Second Russia-China Crude Pipeline were completed and put into operation. This year also witnessed renewed double-digit growth in natural gas sales volume, a steady rise in international trade, and further enhanced competitiveness throughout the industrial chain of the Company. We accelerated the development of our natural gas business, with the production of shale gas and coal-bed methane increasing by 6.1% and 6.8% respectively year-on-year. PetroChina provided more clean energy to the country as the share of natural gas output in PetroChina's domestic oil and gas production(in equivalent terms) increased by 8.7% compared to 2011.

We are devoted to deepening international cooperation and serving the global oil and gas market. We held the Belt and Road Roundtable for Oil & Gas Cooperation to discuss a broad range of topics with our partners, including how to jointly respond to major changes in the energy industry and how to build a community of shared interests in oil and gas cooperation featuring openness and mutual benefits. At the roundtable, I proposed the initiative of “building a community of shared interests in oil and gas cooperation and an important fulcrum of the Belt and Road Initiative”, which was widely recognized by our domestic and foreign counterparts. At the Belt and Road Forum for International Cooperation, the World Petroleum Congress, the BRICS Summit and on some other occasions, PetroChina also sent the same message: to work hand-in-hand with our counterparts in the petroleum industry worldwide to build a glorious future for global energy. In 2017, we also made achievements in international cooperation. We completed the delivery of some projects including onshore oilfields in Abu Dhabi, significantly enhancing our ability to allocate resources globally.

We worked hard to strengthen reform and innovation to build twin engines to drive development. In order to improve the modern enterprise system and promote a corporate governance structure and capacity-control of modern, international standards, we promoted the separation of pipeline marketing from gas marketing, and deepened reform in our overseas oil and gas business system and mechanism, and labor and HR allocation system. As a result, we effectively stimulated the vitality of the Company. We gave a leading role to scientific and technological innovation, and intensified our efforts in technical research in the stable production growth of oilfields, the exploration and development of deep and unconventional resources, and the upgrading of refining and chemical products. Therefore, a great number of advanced technologies with independent intellectual property rights were developed, and we won four Second-class National Science and Technology Progress Awards and one Second-class National Technical Invention Award.

We strengthened legal compliance to promote safe, green and harmonious development.We comprehensively promoted corporate governance according to the law, strengthened Company-wide legal education and compliance training, improved rules and systems, and ensured business integrity. Bearing in mind that “we should never seek development at the expense of safety”, we deepened the HSE system audit, intensified the identification and rectification of major hazards, and avoided major or worse HSE accidents. As clear waters and lush mountains are invaluable assets, we formulated the Roadmap for Low-carbon Development, the Ecological Protection Program, and the Plan for the Upgrading of Pollutant Discharge Standards. We phased out coal-fired boilers and used no coal in oil and gas fields and refining enterprises in Beijing-Tianjin-Hebei region. We completed the quality upgrading of refined oil to national VI standard in “2+26” cities in the Beijing-Tianjin-Hebei on schedule, and fully promoted oil and gas recycling in gas stations and VOCs treatment in refining and chemical enterprises. As a result, our emissions of nitrogen oxides dropped by 9.6% last year, making a positive contribution to the building of a beautiful China. We actively participated in various actions of the Oil and Gas Climate Initiative (OGCI), established the low-emission roadmap for 2040, surveyed methane emissions in the oil and gas industry, and actively addressed climate change.

We contributed to people’s livelihood and fulfilled our responsibility as an excellent corporate citizen. We remained committed to a people-first philosophy in treating our employees with respect and equality while protecting their legal rights. We created platforms for their development, and ensured value is aligned to benefit both employees and the Company. It is our ultimate goal to promote socio-economic development. To this end, we broadened joint ventures and cooperation, gave donations to impoverished students, and provided community services. These efforts were fully recognized by the public and the community. We took additional targeted measures in poverty alleviation. To improve the local capacity for self-development, we carried out 45 poverty-alleviation projects in fields such as infrastructure reform, education and training, health care and industrial cooperation in seven Chinese provinces or cities including Xinjiang, Tibet, Qinghai and Henan.

Looking forward, China will play a more important role in the world economy, and will remain an important engine for global economic growth. Its demand for energy, especially for oil and gas, will continue to grow steadily. China has proposed a number of initiatives, including the building of a modern economic system and a clean, low-carbon, safe and efficient energy system. These initiatives promote China’s high-quality economic development, and push energy enterprises to take a solid step forward in their transition and development.

While putting forward new requirements for the transition and development of energy enterprises, this also provides us with a much broader space for accelerating energy transition and sustainable development. With an innovative, harmonized, green, open and mutual development concept, we will remain committed to the underlying principle of making progress while keeping performance stable, the policy of steady development, to build a world-class integrated international energy company. We will make every effort to promote transition and upgrading, continuously deepen reform, and work hard for better quality, higher efficiency, and more robust drivers through reform, to strive towards steady development. We will better fulfill our economic, environmental and social responsibilities, keep delivering green, low-carbon energy, and make greater contributions to the promotion of social and economic development.

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