PETROCHINA (00857) announced that its board of directors passed a resolution on August 26, 2025, approving the acquisition agreements to be signed between the acquirer (the company's non-wholly owned subsidiaries) and the transferors (Xinjiang Petroleum Administration, Sichuan Petroleum Administration, and Liaohe Petroleum Exploration Bureau). The proposed acquisition involves the complete equity of the target companies (Xinjiang Gas Storage, Xiangguo Temple Gas Storage, and Liaohe Gas Storage), with a total consideration of RMB 40.016 billion (excluding taxes and fees).

According to the announcement, this transaction will help ensure the stable operation and high-quality development of the company's natural gas industry chain. Gas storage facilities serve as crucial links and connecting bridges in the natural gas production, transportation, storage, and marketing chain, functioning as regulatory tools and means for natural gas sales peak shaving and balanced gas field production.

The proposed acquisition will add 10.97 billion cubic meters of working gas storage capacity, helping to establish gas storage and peak shaving capabilities that match the company's natural gas sales volume. This will enable the facilities to play a regulatory role and maximize the overall benefits of the natural gas industry chain.