CNPC CAPTIVE INSURANCE CO., LTD

PetroChina exclusive property insurance Co., Ltd

PetroChina exclusive property insurance Co., Ltd. After the establishment of CNPC exclusive property insurance Co., Ltd., it will research and develop professional products closely related to the industry, so as to improve the risk response ability and the professional level of risk management business.

PetroChina exclusive property insurance Co., Ltd., with a registered capital of 5 billion yuan, is registered in Karamay, Xinjiang, and its proposed chairman and general manager are Zhou Mingchun and pan Guochao respectively. According to the announcement of PetroChina on January 4, 2012, PetroChina group and PetroChina contributed 2.55 billion yuan and 2.45 billion yuan respectively. They own 51% and 49% of the shares of CNPC exclusive property insurance Co., Ltd. respectively according to their respective contribution ratio. Both parties contribute in cash, and the registered capital will be fully contributed by the investor within 10 days after obtaining the approval from CIRC. According to the requirements of CIRC, the preparatory group shall complete the preparatory work within one year from the date of receiving the approval notice. During the preparatory period, it shall not engage in insurance business activities and shall not change the major investors without approval. PetroChina's previous announcement pointed out that due to the high-risk and professional characteristics of the oil industry, general commercial insurance can not cover all business areas of the company. After the establishment of CNPC exclusive property insurance Co., Ltd., it will research and develop professional products closely related to the industry, so as to improve the risk response ability and the professional level of risk management business.