Petrochina (NYSE:PTR)

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All Liquidity Requirements

Sunday, June 26, 2011

Liquidity Requirements

We plan to fund the capital and related expenditures described in this annual report principally through cash from operating activities, short-term and long-term borrowings and cash and cash equivalents.

Capital Expenditures and Investments

For the year ended December 31, 2010, our capital expenditures increased 3.5% to RMB276,212 million from RMB266,836 million for the year ended December 31, 2009. The increase in capital expenditures was primarily due to an increase in input for constructions in sizeable oil and gas zones in China and overseas, as part of our strategy to continue focusing on oil and gas exploration and development. On the other hand, we reasonably timed our investment decisions and focused more on strengthening control of the process of projects. This served to reduce costs and control the growth in capital expenditures.

The table below sets forth our capital expenditures and investments by business segment for each of the years ended December 31, 2008, 2009 and 2010 as well as those anticipated for the year ending December 31, 2011. Actual capital expenditures and investments for periods after January 1, 2011 may differ from the amounts indicated below.


														2011
	2008				2009					2010				Anticipated
	(RMB in				(RMB in					(RMB in				(RMB in
	millions)		%		millions)			%		millions)		%		millions)		%

Exploration and production⁽¹⁾		157,194		67.6		129,017			48.4		160,893		58.3		171,800		53.7
Refining and chemicals		30,619		13.2		42,558			15.9		44,242		16.0		48,000		15.0
Marketing		4,974		2.1		18,174			6.8		15,793		5.7		19,900		6.2
Natural gas and pipeline		36,848		15.9		74,754			28.0		53,648		19.4		77,300		24.2
Others		2,742		1.2		2,333			0.9		1,636		0.6		3,000		0.9

Total		232,377		100.0		266,836	⁽²⁾		100.0		276,212		100.0		320,000		100.0


(1)		If investments related to geological and geophysical exploration costs are included, the capital expenditures and investments for the exploration and production segment for 2009 and 2010, and the estimates for the same in 2011 would be RMB138,396 million, RMB173,142 million and RMB184,800 million, respectively.

(2)		The capital expenditure for 2009 has excluded the consideration for the acquisition of Singapore Petroleum Company Limited in the amount of Singapore dollars (“S$”)3,239 million (approximately RMB15,296 million).

As of December 31, 2010, the capital expenditures contracted for at the balance sheet date but not recognized in our consolidated financial statements were approximately RMB49,495 million.

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