CNPC Targets for 2000 Defined.

As is disclosed at the CNPC Working Conference for 2000 held in Beijing on Jan. 18, 2000, outstanding achievements were made in the production and operation of the group corporation in 1999. It accomplished a crude oil allocation amount of 101.86 million tons, being 100.7% of the projected target, and a natural gas supply amount of 10.15 billion [m.sup.3], being 106.2% of the projected target and a rise of 590 million [m.sup.3] over the previous year. The sales revenue was 330.0 billion yuan, being 161% of the projected target and a rise of 22.4% over the previous year, and the profit was 17.52 billion yuan, a rise of 12.76 billion yuan and 2.68 times over the previous year.

Major targets of the group corporation this year are as follows:

(1) A high growth rate in production and operation will be maintained and the profit to be gained in enterprises will be more than last year.

(2) Standardized functioning of the joint stock system will be implemented and trade relations between joint stock companies and existing enterprises will be put onto a normal orbit to achieve joint development.

(3) Renovation and transformation of operational mechanisms will be highlighted to promote the sustained regrouping of joint stock companies and accelerate the reform and adjustment of existing enterprises.