PetroChina extends currency derivatives deal with CNPC Finance for 2026

PetroChina Company Limited has entered into the 2026 Derivatives Framework Agreement with CNPC Finance, a connected person, on December 19, 2025. This agreement ensures that CNPC Finance will provide currency derivatives services to the group throughout 2026, effective from January 1, 2026, to December 31, 2026. Services include forward settlements and sales of foreign exchange, forward purchase and sales of foreign exchange, foreign exchange swaps, currency swaps, and interest swaps.

The board has proposed an annual cap for 2026 of $7.00 bn, consistent with the 2025 annual cap. This cap is determined based on estimated international trading settlement amounts, expected RMB exchange rate fluctuations, CNPC Finance's expertise, and the objective of reducing exchange risk. PetroChina emphasizes that transactions will be conducted on normal commercial terms or better for the group, with prices benchmarked against market rates and independent third-party offerings. For the eleven months ended November 30, 2025, currency derivatives transactions between CNPC Finance and the group amounted to $0.873 bn.

Given that CNPC Finance is a connected person, the agreement constitutes a continuing connected transaction under HKEx Listing Rules. The applicable percentage ratios for the 2026 annual cap fall between 0.1% and 5%, subjecting the transactions to reporting, announcement, and annual review requirements but exempting them from circular and independent shareholders’ approval. Directors connected to CNPC abstained from voting on the resolution.