PetroChina forecasts 2026 transactions, appoints new vice chairman

PetroChina Company Limited announced the approval of its 2026 financial business forecast with CNPC Finance Company Limited. This encompasses deposits, loans, credit lines, and currency financial derivative services. The estimated maximum daily deposit balance is CNY 65 bn, with a loan limit of CNY 150 bn and a comprehensive credit line of CNY 200 bn. For 2026, the maximum scale for currency financial derivatives transactions is set at $7 bn, aimed at hedging and risk management rather than investment.

The board also approved the appointment of Mr. Zhou Xinhuai as vice chairman. Mr. Zhou, 54, currently serves as director, general manager, and deputy party secretary of China National Petroleum Corporation. His extensive experience in the oil industry includes previous roles such as chief geologist at CNOOC Donghai Petroleum Administration and CEO of CNOOC Limited. His term as vice chairman will align with the current term of the ninth board of directors.

These transactions are classified as related party transactions under Shanghai Stock Exchange rules. They are intended to enhance deposit returns, secure low-cost capital, leverage CNPC Finance's expertise, and improve overall profitability.