Q：I was wondering what time PetroChina will be releasing their results. I have seen the announcement for it to be released on 28th March. Is it going to be during the lunch break or after market close? (14th Mar,2012)
A：We shall hold a press conference to release the 2011 Annual Results at 4:30p.m. on March 29th, 2012, in Conrad Hong Kong. (14th Mar,2012)
Q：With which international crude oil price is the Daqing crude oil price linked? Could you explain why the spot price of Daqing crude oil was lower than the prices of West Texas Intermediate (WTI) and Brent in 2010, while it has been higher than those prices since 2011? (7 Mar, 2012)
A：Thank you for your interest in the price of Daqing crude oil. The price of Daqing crude oil has been linked with the price of Indonesia's Cinta oil. As the increment of Asian crude oil price, including the Cinta oil price, was bigger than that of WTI and Brent since 2011, the price of Daqing crude oil was therefore higher than the prices of WTI and Brent. (8 Mar, 2012)
Q：How is the Company's progress in its acquisition of a 40% stake in the MacKay River Oil Sands Project in Canada? (29th Feb., 2012)
A：In 2010, we acquired a 60% stake in the MacKay River and the Dover Oil Sands Project in the northeastern part of Alberta, a province in western Canada, at US$1.8 billion from the Athabasca Oil Sands Corp., a Canadian company. The Alberta Energy Resources Conservation Board and Alberta's Ministry of Environment and Water approved the Company's application to acquire the remaining 40% stake in January this year. National Development and Reform Commission of China recently approved the transaction. However, the completion of the deal is still pending for approval by the relevant Canadian regulatory body.
The economic benefits of conducting oil sands exploration are apparent in view of the high oil prices. We hope that the oil sands exploration business will contribute to our oil production and revenue growth. (1st March, 2012)
Q：Can you comment on the operations of the West-East Gas Pipeline in 2011? (21st Feb., 2012)
A：In 2011, sales of natural gas saw the largest increase and the fastest growth since the First and Second West-East Gas Pipelines were launched for operation. The volume of natural gas transported through the pipelines increased by 45% year-on-year and the total number of consumers increased by 26% year-on-year to 182. The pipelines transported clean energy to 15 provinces, autonomous regions and municipalities in China. In order to meet the growing demand for gas, the West-East Gas Pipeline Company has strengthened its operation, market development and sales management so as to maximize the distributing advantages of the pipeline network and to increase its capacity. It was the first time that the four gas sources of the West-East Gas Pipeline – namely, the Tarim natural gas, central Asia natural gas, Shanxi CBM and Jiangsu LNG – operated simultaneously, with total transportation capacity reaching 35.5 billion cubic meters per year. (22nd Feb, 2012)