PetroChina International Co. Ltd. (PCI), a subsidiary of China National Petroleum Corporation (CNPC), released its inaugural 2024 Environmental, Social and Governance (ESG) Report in Beijing on Dec. 4.

PetroChina International Co. Ltd., a subsidiary of China National Petroleum Corporation, releases its inaugural 2024 Environmental, Social and Governance Report in Beijing, Dec. 4, 2025. [Photo provided to China.org.cn]

The report — PCI's first comprehensive account of its sustainability philosophy, practices and performance — represents a major milestone as the company nears its goal of becoming a world-class global energy trader by 2025, said Executive Director Wu Junli. Facing a complex global energy landscape shaped by geopolitical tensions, supply security challenges and accelerating green transition, PCI is building a "diversified and synergistic energy trade ecosystem" powered by professional expertise, global supply chains and intelligent logistics infrastructure, he said.

According to Wu, PCI's total energy trade volume reached 530 million metric tons in 2024, covering crude oil, refined products, natural gas, chemicals and green commodities. This figure is expected to exceed 540 million metric tons in 2025, keeping PCI among the world's leading comparable energy traders.

The company has also expanded its presence in global benchmark markets, as a significant Brent market participant, an active trader in the Platts window, and a fast-growing player in global gas and power trading.

Wu said PCI is accelerating its low-carbon services, with an annual carbon trading volume exceeding 16 million metric tons of carbon dioxide equivalent, and annual electricity trading surpassing 18 million MWh. The company has advanced multiple low-carbon projects in Australia, Central Asia and other regions, and completed the world's first physical sustainable aviation fuel (SAF) transaction via the Argus platform.

"These milestones demonstrate our accelerated transition toward green and low-carbon initiatives, as we continue to build a sustainable future energy system," Wu said. 

According to the report, PCI has also strengthened its ESG-based risk governance framework by integrating compliance, internal controls and auditing. In 2024, the company achieved 100% due-diligence coverage across counterparties, banks, insurers and shipping partners, alongside 100% integrity and compliance training coverage for employees.

In human-capital development, PCI expanded global job-grading systems, horizontal mobility pathways, and physical and mental well-being programs. In 2024, 84% of employees in international operations were local hires, with a rising share of foreign executives.

The company also expanded community initiatives, volunteer programs and support for vulnerable groups, aligning its commercial strategy with societal needs to advance environmental and social value creation.

At Thursday's release ceremony, Luo Yizhou, general manager of PCI, called the report's publication a "milestone moment" in the company's journey toward world-class competitiveness. As China remains steadfast in pursuing high-quality development rooted in ecological protection and low-carbon growth, enterprises today are not only creators of economic value but also vital contributors to environmental protection, social well-being and improved governance, he said.

"The publication of our inaugural ESG report demonstrates our insight into global trends, our forward-looking strategy for sustainable growth, and our active response to economic and social expectations," Luo said. "It is also a clear pledge to a more sustainable future." He added that PCI will continue integrating sustainability across all strategic and operational dimensions, while working with stakeholders to foster a more stable and inclusive community of shared future.

Lu Ruquan, president of CNPC Economics & Technology Research Institute which jointly compiled the report, said global ESG frameworks are entering a period of restructuring as countries weigh climate goals, energy security and industrial competitiveness. "Energy trading companies are no longer intermediaries," he said. "They are critical hubs for green transition, energy security, market resilience, and technological innovation."

Citing green shipping as an example, Lu noted PCI's participation in building six large LNG carriers equipped with cutting-edge technologies. These vessels deliver low energy consumption, strong operational reliability and superior fire-safety performance, meeting advanced international standards. "This investment underscores PCI's commitment to low-carbon operations and provides solid momentum for steering the industry toward a greener, more sustainable future," he added.

Wen Yamei, senior expert at CNPC, said PCI's ESG efforts blend the responsibilities of a state-owned enterprise with the demands of global trading. She noted the report offers a practical, replicable model for multinational energy traders.

"Its value extends beyond PCI's own disclosures," Wen said. "It provides a reference pathway for companies pursuing similar sustainability strategies."