PetroChina —— Health Satefy and Environment:
It is the consistent standpoint of PetroChina Company Ltd. that the most important resources of the world are human beings and the natural environment they rely on for their existence.
The Company has all along regarded it as one of its most important tasks to safeguard its staff's health, take precautions against accidents and protect the environment.
For these reasons the following measures have been taken:
Policies, regulations and standards have been mapped out with regard to health, safety and environment so as to implement allotted responsibilities in these connections;
Health, safety and environment are regarded as major management factors to be included in all production and business activities of the Company;
It is stipulated that targets set for HSE are key business indicators to check on the staff, so that all its members have a clear sense of responsibility as to health, safety and environment.
In order to carry out effective HSE management and coordinate them with production and business operations, the Company has been forming and implementing an integrated HSE mamagement system based on experience accumulated through years' practice in the related areas that has already taken the form of regulations and standards.
The implementation of the above system at various management levels, work fields and contractors can provide different areas and sectors with the required standards and procedures, upon which each member of the staff can do his job within his prescribed duty; put forward any possible improvement; check, evaluate, and report what has been done in health, safety and environment; and make a point of continuously raising the management level in these three respects.
Comment On Petroleum Prices:
Candidates Must Address Energy Debate
This article is a reprint of a guest column that appeared in the Wisconsin State Journal - June 5, 2000 by Michael Vickerman
Of all the issues that George W. Bush and Al Gore would rather not debate during this presidential contest, none ranks higher than energy supply.
Both candidates understandably regard energy politics--more specifically, petroleum prices--as electoral quicksand that can sink a presidential contender faster than you can say Jimmy Carter.
Gore and Bush fervently hope that the recent run-up in energy prices will not affect the political landscape until after November 7, but this is whistling past the graveyard.
Higher oil and natural gas prices are here to stay, a product of escalating demand and flattening extraction rates.
But for obvious reasons going back to 1980, both major party candidates are loath to tell the public that global oil production will peak sometime this decade, and that motorists will never again see gasoline priced as cheaply as it was in 1998-1999.
So why are energy prices rebounding so sharply 15 months after plummeting to the lowest levels in modern history?
Actually, the most recent price slump is partially responsible. When prices sink below production costs as they did in 1998-1999, oil suppliers invariably scale back throughput and exploration activity.
As this occurs, global demand picks up, fanned in part by rock-bottom prices.
Without the revenues needed to invest in additional capacity, however, oil suppliers are wont to sit on their hands and let the global economy burn through the excess inventory.
The trouble is, while global consumption climbed from 73 to 77 million barrels of oil per day since 1996, production capacity barely registered an increase during that time.
According to published reports from the Middle East, global production this year will fall short of current demand.
Moreover, the measures needed to lift production levels to 80 million barrels per day, including replacement of aging infrastructure in Iran and Iraq, cannot be economically justified unless petroleum prices continue to climb.
And they will, no matter how many oil ministers Energy Secretary Bill Richardson visits between now and November. Even if the OPEC nations decided tomorrow to expand global extraction capacity by another 5%, which would necessitate up to $100 billion in investment capital, output from the Middle East wouldn't start rising until 2003 at the earliest.
Don't expect any relief from non-OPEC nations like Mexico, Norway, and the U.K, even though their domestic economies are no less insulated from the inflationary effects of higher oil prices than ours. All three countries are at their production peaks, with nowhere to go but downhill.
As for the U.S., whose output as late as 1950 equaled domestic consumption, oil production has declined by 30% since peaking in 1970, and now accounts for barely 40% of the nation's current intake.
If production can't keep up with current consumption levels, then prices will go up until demand falls in line with supplies.
Only once in U.S. history did demand for petroleum products decline.
It happened over a five-year period from 1978 to 1983, when oil prices shot up from $12 to $33 per barrel.
Conservation measures took hold during that time, though less a result of enlightened policy than economic necessity.
Ironically, it was only when prices sagged to $12 per barrel early last year that daily consumption broke through the previous record set shortly before the 1979 oil embargo.
We've just about come full circle since those tumultuous times. The long reprieve from oil-induced economic disruption is rapidly coming to a close.
It's early yet in the cycle; even at $1.50 a gallon, the price of gasoline is lower in real terms than in 1985. So how is the federal government addressing this developing problem? By issuing forecasts of lower gasoline prices this summer, in the face of all evidence to the contrary.
This sort of denial is to be expected as long as energy policy is regarded as the third rail of American politics.
But an informed debate on this issue, encompassing a wide range of options to reduce demand for petroleum, is exactly what is needed before the November election.
That debate cannot start until Bush and Gore pull their respective heads out of the sand and acknowledge the voters' growing unease over fuel prices, and propose some realistic remedies.
PetroChina —— Stock Information:
The shareholders' general meeting is the organ of authority of the company, which exercises its powers in accordance with the Company Law.
The shareholders' general meeting exercises the following powers:
to decide on the company's operational policies and investment plans;
to elect and replace directors and decide on matters relating to the remuneration of directors;
to elect and replace the supervisors who represent the shareholders and to decide on matters relating to the remuneration of supervisors;
to examine and approve the board of directors' reports;
to examine and approve the supervisory committee's reports;
to examine and approve the company's proposed annual
preliminary and final financial budgets;
to examine and approve the company's profit distribution
plans and for loss recovery of plans;
to decide on the increase or reduction of the company's registered capital;
to decide on the issue of debentures by the company;
to decide on matters such as merger, division, dissolution and liquidation of the company and other matters; and
to amend the company's articles of association.
Resolutions of shareholders' general meetings shall be divided into ordinary resolutions and special resolutions.
An ordinary resolution must be passed by votes representing more than one-half of the voting rights represented by the shareholders (including proxies) present at the meeting.
A special resolution must be passed by votes representing more than two-thirds of the voting rights represented by the shareholders (including proxies) present at the meeting.
Shareholders' general meetings can be annual general meetings or extraordinary general meetings. Shareholders' meetings shall be convened by the Board.
The Board shall convene an extraordinary general meeting within two months of the occurrence of any one of the following circumstances:
where the number of Directors is less than the number stipulated in the Company Law or two-thirds of the number specified in the Articles of Association;
where the unrecovered losses of the Company amount to one-third of the total amount of its share capital;
where shareholder(s) holding 10 per cent. or more of the Company's issued and outstanding shares carrying voting rights request(s) in writing for the convening of an extraordinary general meeting;
whenever the Board deems necessary or the supervisory committee so requests.
When the Company convenes a shareholders' general meeting, written notice of the meeting shall be given not less than 45 days before the date of the meeting to notify all of the shareholders whose names appear in the share register of the matters to be considered and the date and the place of the meeting, provided that in the case of holders of Domestic Shares, notice may also be given by way of public notice issued 45 to 50 days prior to the meeting. The Articles which require a written reply to be delivered within 20 days shall not apply. A shareholder who intends to attend the meeting shall deliver to the Company his written reply concerning the attendance at such meeting to the Company 20 days before the date of the meeting.
When the Company convenes a shareholders' annual general meeting, shareholder(s) holding 5 per cent. or more of the total voting shares of the Company shall have the right to propose new motions in writing, and the Company shall place such proposed motions on the agenda for such annual general meeting if they are matters falling within the functions and powers of shareholders in general meetings.
An extraordinary shareholders' meeting shall not decide on matters not stated in the notice of meeting.
The Company shall, based on the written notice which it replies receives 20 days before the date of the shareholders' general meeting from the shareholders, calculate the number of voting shares represented by the shareholders who intend to attend the meeting.
If the number of voting shares represented by the shareholders who intend to attend the meeting amount to more than one-half of the Company's total voting shares, the Company may hold the meeting; if not, then the Company shall within five days notify the shareholders again by way of public announcement the matters to be considered at, the place and date for, the meeting.
The Company may then hold the meeting after such announcement.
A notice of meeting of the shareholders of the Company shall satisfy the following criterion:
be in writing;
specify the place, date and the time of the meeting;
state the matters to be discussed at the meeting;
provide such information and explanation as are necessary for the shareholders to make an informed decision on the proposals put before them. Without limiting the generality of the foregoing, where a proposal is made to amalgamate the Company with another, to repurchase the shares of the Company, to reorganise its share capital, or to restructure the Company in any other way, the terms of the proposed transaction must be provided in detail together with copies of the proposed agreement, if any, and the cause and effect of such proposal must be properly explained;
contain a disclosure of the nature and extent, if any, of the material interests of any Director, Supervisor, president, vice president or other senior officer in the proposed transaction and the effect which the proposed transaction will have on them in their capacity as shareholders in so far as it is different from the effect on the interests of the shareholders of the same class;
contain the full text of any special resolution to be proposed at the meeting;
contain a conspicuous statement that a shareholder entitled to attend and vote at such meeting is entitled to appoint one or more proxies to attend and vote at such meeting on his behalf and that a proxy need not be a shareholder;
specify the time and place for lodging proxy forms for the relevant meeting.
Notice of shareholders' general meeting shall be served on each shareholder (whether or not such shareholder is entitled to vote at the meeting), by personal delivery or prepaid airmail to the address of the shareholder as shown in the register of shareholders. For the holders of Domestic-Invested Shares, notice of the meetings may also be issued by way of public announcement.
The public announcement referred to in the preceding paragraph shall be published in one or more national newspapers designated by the State Council Securities Policy Commission within the interval between 45 days and 50 days before the date of the meeting; after the publication of such announcement, the holders of Domestic-Invested Shares shall be deemed to have received the notice of the relevant shareholders' general meeting. Such public announcement shall be published in Chinese and English in accordance with the Articles of Association.
The following matters shall be resolved by way of ordinary resolution of the shareholders' general meeting:
work reports of the Board and the supervisory committee;
profit distribution plans and loss recovery plans formulated by the Board of Directors;
removal of the members of the Board and members of the supervisory committee, their remuneration and manner of payment;
annual preliminary and final budgets, balance sheets and profit and loss accounts and other financial statements of the Company;
matters other than those which are required by the laws and administrative regulations or by the Articles of Association to be adopted by special resolution.
The following matters shall be resolved by way of special resolution of the shareholders' general meeting:
increase or reduction in share capital and the issuance of shares of any class, warrants and other similar securities;
issuance of debentures by the Company;
division, merger, dissolution and liquidation of the Company;
amendment of the Articles of Association; and
any other matters considered by the shareholders in general meeting, resolved by way of an ordinary resolution, to be of a nature which may have a material impact on the Company and should be adopted by a special resolution.