Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
PetroChina Company Limited is a Chinese oil and gas company and is the listed arm of state-owned China National Petroleum Corporation, headquartered in Dongcheng District, Beijing. The company is currently Asia's largest oil and gas producer and was China's second biggest oil producer in 2006.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackSinopec and PetroChina Co. are staying away, having canceled some Russian cargoes after U.S. sanctions on Rosneft and Lukoil last month (in October 2025). Smaller private refiners, known as “dummies,” are also holding back, fearing similar penalties, as is Shandong Yulong Petrochemical Co., which was recently blacklisted by the United Kingdom and the European Union.
China's top refiners PetroChina and Sinopec are resuming purchases of discounted Russian crude after a brief pause in late 2022, just before the European Union embargo on Russian oil started. China's state-owned oil companies are cutting back on Russian oil in March 2025 due to new US sanctions, with some cutting back on supplies altogether. PetroChina and CNOOC continued purchases with shipments in March but reduced volumes.