BP Quits from West-East Gas Transmission Project.

PetroChina announces that BP has formally told PetroChina that it will not submit the final investment proposal on the west-east gas transmission project. Malaysian State Oil Company, a member of the BP consortium, will continue to participate in the bidding process.

PetroChina is holding detailed talks with candidate partners. They still express keen interest and strong desire to take part in the west-east gas transmission project. The tender is progressing as planned and PetroChina takes an optimistic attitude.

PetroChina will put the interests of shareholders in the first place as always and uphold the principle that investment returns must be higher than the minimum rate of return on investment. Otherwise, no investments would be made in any projects including the west-east gas transmission project.