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PetroChina Company Limited (the "Company") is filing this Amendment No. 1 on Form 20-F (this "Amendment No. 1") to its annual report on Form 20-F for the fiscal year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (the "SEC") on April 28, 2023 (the "Original Filing"), to address certain comments from the Staff of the SEC in relation to the Original Filing. Accordingly, we are restating in their entirety the Item 16I of the Original Filing.
FY
0001108329
2022-12-31
--12-31
PETROCHINA CO LTD
F4
CN
CN
0001108329
2022-01-01
2022-12-31
0001108329
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2022-01-01
2022-12-31
0001108329
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2022-12-31
0001108329
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2022-12-31
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F/A
(Amendment No. 1)
(Mark One) |
|
☐ |
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
or |
☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022. |
or |
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
or |
☐ |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report ________
For the transition period from ________ to ________ |
Commission File Number 1-15006
(Exact name of Registrant
as specified in its charter)
PetroChina Company Limited
(Translation of Registrant’s name into English)
The People’s Republic of China (the “PRC”)
(Jurisdiction of incorporation or organization)
9 Dongzhimen North Street
Dongcheng District, Beijing 100007, the PRC
(Address of principal executive offices)
WANG Hua
Telephone number: (8610) 59982622
Facsimile number: (8610) 62099557
Email address: zhouyunpeng@petrochina.com.cn
Address: 9 Dongzhimen North Street, Dongcheng District,
Beijing 100007, the PRC
WEI Fang
Telephone number: (852) 2899 2010
Facsimile number: (852) 2899 2390
Email address: hko@petrochina.com.hk
Address: Suite 3705, Tower 2, Lippo Centre, 89 Queensway,
Hong Kong, the PRC
(Name, telephone, e-mail and/or facsimile number
and address of registrant’s contact person)
Securities registered or to be registered pursuant
to Section 12(b) of the Act.
None(1)
| (1) | The Company has delisted its American Depositary Shares, or ADSs, from the NYSE on September 8, 2022.
|
Securities registered or to be registered pursuant
to Section 12(g) of the Act.
ADSs(2), each representing 100
Class H ordinary shares, par value RMB 1.00 per share.
H Shares, par value
RMB1.00 per share
(Title of Class)
| (2) | The Company has terminated its ADR Program on October 17, 2022. |
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act.
None
(Title of Class)
Indicate the number of outstanding shares of each of the issuer’s
classes of capital or common stock as of the close of the period covered by the annual report:
A Shares, par value RMB1.00 per share* |
161,922,077,818 (3) |
H Shares, par value RMB1.00 per share** |
21,098,900,000*** |
| (3) | Includes 147,103,617,108 A Shares held by CNPC and 14,818,460,710 A Shares held by the public shareholders. |
Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☒ No
☐
If this is an annual or transition report, indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Yes
☐ No ☒
Note — Checking the box above will not
relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations
under those Sections.
Indicate by check mark whether the registrant (1) has
filed all reports required to be filed by Section 13 or 15(d) or the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.
Yes
☒ No
☐
Indicate by check mark whether the registrant has submitted
electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒ No
☐
Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large
accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange
Act:
Large Accelerated Filer ☒ |
Accelerated Filer |
Non-Accelerated Filer |
Emerging Growth Company ☐ |
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act. ☐
The term “new or revised financial accounting
standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after
April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report. ☒
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the
registrant has used to prepare the financial statements included in this filing:
☐ U.S. GAAP |
☒ International Financial Reporting Standards |
☐ Other |
|
as issued by the
International Accounting Standards Board |
|
If “Other” has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
Item 17 ☐ Item
18 ☐
If this is an annual report, indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS)
Indicate by check mark whether the registrant has filed
all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution
of securities under a plan confirmed by a court.
Yes
☐ No ☐
* |
PetroChina’s A Shares are listed and traded on the Shanghai Stock Exchange. |
** |
PetroChina’s H Shares are listed and traded on The Stock Exchange of Hong Kong Limited. |
*** |
Includes 245,589,700 H Shares represented by the ADSs. |
Explanatory Note
PetroChina
Company Limited (the “Company”) is filing this Amendment No. 1 on Form 20-F (this “Amendment No. 1”)
to its annual report on Form 20-F for the fiscal year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission
(the “SEC”) on April 28, 2023 (the “Original Filing”), to address certain comments from the Staff of the
SEC in relation to the Original Filing. Accordingly, we are restating in their entirety the Item 16I of the Original Filing.
No attempt
has been made in this Amendment No. 1 to modify or update in any way the financial statements or any other items or disclosures in
the Original Filing except as required to reflect the amendments discussed above. Except as otherwise noted herein, this Amendment No. 1
continues to describe conditions as of the date of the Original Filing, and the disclosures contained herein have not been updated to
reflect events, results or developments that occurred after the date of the Original Filing, or to modify or update those disclosures
affected by subsequent events. Among other things, forward-looking statements made in the Original Filing have not been revised to reflect
events, results or developments that occurred or facts that became known to us after the date of the Original Filing. Accordingly, this
Amendment No. 1 should be read in conjunction with the Original Filing.
PART II
|
Item 16I. |
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |
On May 26, 2022, following our
filing with the SEC on April 29, 2022 of our annual report on 20-F for the year ended December 31, 2021, the SEC identified us as a “Commission-Identified
Issuer” pursuant to the HFCAA and the rules of the SEC implementing the HFCAA. We were so identified because the PCAOB had reported
to the SEC on December 16, 2021 that it had been unable to completely inspect or investigate audit firms in the mainland of China and
Hong Kong, including PwC, our independent auditor, because of the positions taken by authorities in the mainland of China and Hong Kong.
On December 15, 2022, the PCAOB reported to the SEC that it had been able to secure complete access to inspect and investigate the audit
firms in the mainland of China and Hong Kong and therefore it vacated its previous determinations to the contrary.
As of March 31, 2023, our
controlling shareholder, China National Petroleum Corporation (“CNPC”) held 82.62% of our shares. CNPC is a company incorporated
and domiciled in the PRC and is wholly owned by the State-owned Assets Supervision and Administration Commission of the State Council
of China (“SASAC”), a special commission directly under the State Council of China. Therefore, Chinese governmental entity
has controlling financial interest in the Company and its consolidated subsidiaries by virtue of the SASAC’s indirect equity ownership.
Please see “Item 4 – Information on the Company — Our Corporate Organization Structure” and the information of
the Company’s principal subsidiaries in Note 19 to the consolidated financial statements contained in this annual report.
In addition, the following
table sets forth the information with respect to the shareholding structure of the Company’s principal subsidiaries disclosed under
Note 19 to the consolidated financial statements included in this annual report that are not wholly owned by the Company as of December 31,
2022.
Principal Subsidiaries(1) | |
Shareholding by the Company | |
Voting Rights of the Company | |
Shareholding by Other Entities Controlled by PRC Governmental Entities | |
Shareholding by Other Entities or Public Investors |
CNPC Exploration and Development Company Limited | |
| 50 | % | |
| 57.14 | % | |
| 50 | % | |
| — | |
PetroChina Sichuan Petrochemical Company Limited | |
| 90 | % | |
| 90 | % | |
| 10 | % | |
| — | |
KunLun Energy Company Limited | |
| 54.38 | % | |
| 54.38 | % | |
| 3.2 | % | |
| 42.42 | % |
Notes:
|
1. |
Other than KunLun Energy Company Limited (“Kunlun Energy”), which was incorporated in Bermuda, both other principal subsidiaries of the Company set forth in this table were incorporated in China. Kunlun Energy is listed on the main board of the Hong Kong Stock Exchange. According to the annual report filed by Kunlun Energy with the Hong Kong Stock Exchange for 2022, as of December 31, 2022, the register of substantial shareholders maintained under Section 336 of the SFO showed that Kunlun Energy has been notified that PetroChina and CNPC held 5% or more of its issued share capital and no other shareholders including any Burmuda government entity held 5% or more of its issued share capital. We understand that a Bermuda government entity may invest in Kunlun Energy’s shares as a public investor from time to time. |
The following table sets
forth the directors of the Company who are members of the Communist Party of China (“CPC”) and hold a position in the relevant
CPC organization:
Name |
Position in the Company |
Position in the CPC Organization |
Houliang DAI |
Chairman |
The secretary of the CPC Leadership Team of CNPC |
Qijun HOU |
Vice chairman |
A deputy secretary of the CPC Leadership Team of CNPC |
Liangwei DUAN |
Non-executive director |
A deputy secretary of the CPC Leadership Team of CNPC |
Yongzhang HUANG |
Executive director, president |
A member of the CPC Leadership Team of CNPC |
Lixin REN |
Executive director, senior vice president |
A member of the CPC Leadership Team of CNPC |
Jun XIE |
Non-executive director |
A member of the CPC Leadership Team of CNPC |
Article 8 and Article 105
in our Articles of Association are in connection with the charter of the CPC. Please refer to our Articles of Association filed as Exhibit
1.1 to this annual report on Form 20-F.
Part III
Item 19 —
Exhibits
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| * | Filed as exhibits to this Form 20-F. |
| ** | Furnished as exhibits to this Form 20-F. |
| (1) | Paper filing; incorporated into this annual report by reference to our Registration Statement on Form
F-1 (File No. 333-11566) filed with the Commission, as declared effective on March 29, 2000. |
| (2) | Incorporated into this annual report by reference to the exhibits to Form 20-F for the fiscal year
ended December 31, 2004 (File No. 1-15006). |
| (3) | Incorporated into this annual report by reference to Exhibit 99.2 to Form 6-K (File No. 1-15006) furnished
to the Commission on June 10, 2022. |
(4) | Incorporated into this annual report
by reference to the exhibits to Form 20-F for the fiscal year ended December 31, 2020 (File No. 1-15006). |
SIGNATURE
The registrant hereby
certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned
to sign this annual report on its behalf.
|
|
|
|
|
Very truly yours, |
|
|
|
/s/ WANG Hua |
|
Name: |
|
WANG Hua |
|
Title: |
|
CFO and Secretary to Board of Directors
|
Date: June 3, 2024
Exhibit 12.1
CERTIFICATION
I, DAI Houliang, certify that:
1. I have reviewed this annual report on Form
20-F, as amended by Amendment No. 1 thereto, of PetroChina Company Limited (the “Company”);
2. Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Company as of, and for, the periods presented in this report;
4. The Company’s other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company
and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period
in which this report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the effectiveness of the Company’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the
Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially
affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and
5. The Company’s other certifying officer
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors
and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
Company’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the Company’s internal control over financial reporting.
|
/s/ DAI Houliang |
|
Name: |
DAI Houliang |
|
Title: |
Chairman |
Date: June 3, 2024
Exhibit 12.2
CERTIFICATION
I, HUANG Yongzhang, certify that:
1. I have reviewed this annual report on Form
20-F, as amended by Amendment No. 1 thereto, of PetroChina Company Limited (the “Company”);
2. Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Company as of, and for, the periods presented in this report;
4. The Company’s other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company
and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period
in which this report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the effectiveness of the Company’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the
Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially
affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and
5. The Company’s other certifying officer
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors
and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
Company’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the Company’s internal control over financial reporting.
|
/s/ HUANG Yongzhang |
|
Name: |
HUANG Yongzhang |
|
Title: |
Director and President |
Date: June 3, 2024
Exhibit 12.3
CERTIFICATION
I, WANG Hua, certify that:
1. I have reviewed this annual report on Form
20-F, as amended by Amendment No. 1 thereto, of PetroChina Company Limited (the “Company”);
2. Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Company as of, and for, the periods presented in this report;
4. The Company’s other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company
and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period
in which this report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the effectiveness of the Company’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the
Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially
affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and
5. The Company’s other certifying officer
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors
and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
Company’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the Company’s internal control over financial reporting.
|
/s/ WANG Hua |
|
Name: |
WANG Hua |
|
Title: |
CFO and Secretary to the Board of Directors |
Date: June 3, 2024
v3.24.1.1.u2
Cover
|
12 Months Ended |
Dec. 31, 2022
shares
|
Entity Addresses [Line Items] |
|
Document Type |
20-F/A
|
Amendment Flag |
true
|
Amendment Description |
PetroChina Company Limited (the "Company") is filing this Amendment No. 1 on Form 20-F (this "Amendment No. 1") to its annual report on Form 20-F for the fiscal year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (the "SEC") on April 28, 2023 (the "Original Filing"), to address certain comments from the Staff of the SEC in relation to the Original Filing. Accordingly, we are restating in their entirety the Item 16I of the Original Filing.
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Dec. 31, 2022
|
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FY
|
Document Fiscal Year Focus |
2022
|
Current Fiscal Year End Date |
--12-31
|
Entity File Number |
1-15006
|
Entity Registrant Name |
PETROCHINA CO LTD
|
Entity Central Index Key |
0001108329
|
Entity Incorporation, State or Country Code |
F4
|
Entity Address, Address Line One |
9 Dongzhimen North Street
|
Entity Address, City or Town |
Dongcheng District
|
Entity Address, Country |
CN
|
Entity Address, Postal Zip Code |
100007
|
Local Phone Number |
(Address of principal executive offices)
|
Entity Well-known Seasoned Issuer |
Yes
|
Entity Voluntary Filers |
No
|
Entity Current Reporting Status |
Yes
|
Entity Interactive Data Current |
Yes
|
Entity Filer Category |
Large Accelerated Filer
|
Entity Emerging Growth Company |
false
|
Document Accounting Standard |
International Financial Reporting Standards
|
Entity Shell Company |
false
|
Contact Personnel Email Address |
zhouyunpeng@petrochina.com.cn
|
ICFR Auditor Attestation Flag |
true
|
A Shares [Member] |
|
Entity Addresses [Line Items] |
|
Entity Common Stock, Shares Outstanding |
161,922,077,818
|
H Shares [Member] |
|
Entity Addresses [Line Items] |
|
Entity Common Stock, Shares Outstanding |
21,098,900,000
|
Business Contact [Member] |
|
Entity Addresses [Line Items] |
|
Entity Address, Address Line One |
9 Dongzhimen North Street
|
Entity Address, City or Town |
Dongcheng District
|
Entity Address, Country |
CN
|
Entity Address, Postal Zip Code |
100007
|
City Area Code |
8610
|
Local Phone Number |
59982622
|
Contact Personnel Name |
WANG Hua
|
Contact Personnel Fax Number |
(8610) 62099557
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Petrochina (PK) (USOTC:PCCYF)
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