Hayman Chiu's questions to PETROCHINA CO (PCCYF) leadership • Q2 2022
Question
Hayman Chiu of Haitong International Securities inquired about the rationale behind PetroChina's delisting from the New York Stock Exchange and the company's progress and future plans for its green and low-carbon transition, including new energy and new materials projects.
Answer
CFO and Board Secretary Wang Hua explained that the NYSE delisting was driven by the ADRs' small trading volume and percentage of total shares, the high administrative burden of maintaining the listing, and the continued trading availability of H and A shares in Hong Kong and Shanghai. Chairman Dai Houliang detailed the company's three-step green transition strategy, noting that H1 2022 progress in wind, solar, and geothermal projects was ahead of schedule. He outlined a goal for new energies, oil, and gas to each constitute one-third of production capacity by 2035.