Is Yanchang Petroleum a State-owned Enterprise?

Yanchang Petroleum is a state-owned enterprise, which is operated by Shaanxi Yanchang Petroleum (Group) Co., Ltd., one of the four enterprises with oil and gas exploration and development qualifications in China, and belongs to the Shaanxi Provincial People's Government. The development of Yanchang Petroleum Group includes oil and gas exploration, development, processing, pipeline transportation, product sales, oil and gas chemical industry, coal chemical industry, equipment manufacturing, engineering construction and technology research and development. In addition, Yanchang Petroleum International is its largest major shareholder and an important platform for the Group to develop its overseas business. Therefore, it can be confirmed that Yanchang Petroleum is a state-owned enterprise and a state-owned asset, which is managed by the Shaanxi provincial government.