China Petroleum and Natural Gas Co., Ltd. is a joint stock limited company established in accordance with the Company Law and the State Council's Special Provisions on Overseas Stock Issuance and Listing when China Petroleum and Natural Gas Corporation was reorganized on October 5.
Generally speaking, PetroChina is a subsidiary of PetroChina, and some major business subsidiaries within PetroChina have been established as PetroChina, mainly for listing. The remaining subsidiaries are not PetroChina.
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China Petroleum and Natural Gas Group, the controlling shareholder of the Company, exercises shareholders' rights and interests according to law through the shareholders' meeting. China Petroleum and Natural Gas Group Company did not directly interfere with the company's decision-making and production and operation activities, and did not affect the legitimate rights and interests of the company and other shareholders. China Oil and Gas Group Company and the company are independent of each other in all aspects, including staffing, assets, finance, organization and business. At the time of listing, the Company also signed the Agreement on Avoiding Horizontal Competition with PetroChina to ensure that PetroChina will not engage in business that directly or indirectly competes with or may compete with the core business of the Company. The board of directors, the board of supervisors and the management led by the president of the company also operate independently.