12:36     PETROCHINA<00857> - Announcement (4)                                

    executive directors; Mr. Zheng Hu, Mr. Zhou Jiping, Mr. Gong Huazhang     
    and Mr. Zou Haifeng as non-executive directors; and Mr. Chee-Chen         
    Tung, Mr. Liu Hongru and Mr. Franco Bernab|$$|Age as independent          
    non-executive directors.                                                  
                                                                              
    TERMS USED IN THIS ANNOUNCEMENT                                           
    In this announcement, unless otherwise defined, the following terms       
    shall have the following meanings:                                        
                                                                              
    `Acquisition Agreement'        the acquisition agreement                  
                                   dated 28 March 2005 entered                
                                   into between the Company and               
                                   CNPC in respect of the                     
                                   transfer of the assets, as                 
                                   more particularly described                
                                   in the paragraph headed                    
                                   `Acquisition Agreement dated               
                                   28 March 2005' in this                     
                                   announcement                               
    `Asset Acquisition'            the acquisition of the                     
                                   Refinery and Petrochemical                 
                                   Businesses from CNPC by the                
                                   Company as contemplated under              
                                   the Acquisition Agreement                  
    `Board'                        the Board of Directors of the              
                                   Company, including the                     
                                   independent non-executive                  
                                   directors                                  
    `CNPC'                          (China National Petroleum                 
                                   Corporation), a state-owned                
                                   enterprise incorporated under              
                                   the laws of the PRC and the                
                                   controlling shareholder of                 
                                   the Company                                
    `Company'                      PetroChina Company Limited, a              
                                   joint stock limited company                
                                   incorporated in the PRC under              
                                   the Company Law of the PRC,                
                                   and listed on the Main Board               
                                   of The Stock Exchange of Hong              
                                   Kong Limited with American                 
                                   depositoary shares listed on               
                                   the New York Stock Exchange                
    `Dayuan'                        (Ningxia Dayuan Refinery and              
                                   Petrochemical Company                      
                                   Limited), located in the                   
                                   Ningxia Autonomous Region,                 
                                   the PRC, and is a wholly                   
                                   owned subsidiary of CNPC                   
    `Group'                        the Company and its                        
                                   subsidiaries                               
    `HK$'                          Hong Kong dollars, the lawful              
                                   currency of Hong Kong Special              
                                   Administrative Region, PRC                 
    `IFRS'                         International Financial                    
                                   Reporting Standards                        
    `Land Use Rights Leasing       the land use rights leasing                
    Arrangement'                   arrangement for the allocated              
                                   land as more particularly                  
                                   described in the paragraph                 
                                   headed `Land Use Rights                    
                                   Leasing Arrangement'                       
    `Land Use Rights Leasing       the land use rights leasing                
    Contract'                      contract entered into between              
                                   the Company and CNPC dated 10              
                                   March 2000 for the lease of a              
                                   total of 42,476 parcels of                 
                                   land in connection with the                
                                   operations and businesses of               
                                   the Company covering an                    
                                   aggregate area of                          
                                   approximately 1,145 million                
                                   square meters located                      
                                   throughout PRC for a term of               
                                   50 years at an annual fee of               
                                   RMB 2 billion which was                    
                                   disclosed in the announcement              
                                   of the Company dated 27                    
                                   September 2002 in relation to              
                                   its application to the Stock               
                                   Exchange for a renewal of the              
                                   wavier for strict compliance               
                                   with the continuing connected              
                                   transaction requirements                   
                                   under the Listing Rules; and               
                                   Stock Exchange had, amongst                
                                   others, granted a waiver from              
                                   strict compliance with the                 
                                   disclosure obligations under               
                                   the Listing Rules in                       
                                   connection with such land use              
                                   rights leasing contract for                
                                   the period from 1 January                  
                                   2003 to 31 December 2005