The Company is one of the largest companies in China in terms of sales. It is engaged in a broad range of petroleum-related activities, including:

• the exploration, development and production of crude oil and natural gas;
• the refining, transportation, storage and marketing,including import and export, of crude oil and petroleum products;
• the production and sale of chemicals; and
• the transmission, marketing and sale of natural gas.

The Company is the largest producer of crude oil and natural gas in China. Currently, all of the Company's crude oil and natural gas reserves and production-related assets are located in China. In the nine months ended 30 September 1999, the Company had total revenue of RMB126,181 million and net profit of RMB20,779 million. Following the Global Offering, the Company will be the world's fourth largest publicly traded oil and gas company, based on 1998 proved hydrocarbon reserves.

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