PetroChina Co Ltd (HKG: 0857), together with its parent China National Petroleum Corporation (CNPC), has entered into a capital injection agreement to boost the registered capital of Kunlun Capital through a non-pro rata subscription by existing shareholders, according to a company filing on August 28, 2026.

The agreement, signed among CNPC, PetroChina, Kunlun Capital, and its other existing shareholder China Petroleum Capital Co Ltd, outlines that CNPC and PetroChina will jointly inject a total of RMB 11.6 billion into Kunlun Capital. CNPC will contribute RMB 7.395 billion to subscribe for RMB 7,258,306,115.08 of newly added registered capital, while PetroChina will invest RMB 4.205 billion for RMB 4,127,272,104.65 of new registered capital, with the shares issued in proportion to the corresponding registered capital.

China Petroleum Capital, the other existing shareholder, will waive its preemptive right to subscribe for the newly added registered capital in this round. Once the capital hike is completed, CNPC's total subscribed capital in Kunlun Capital will rise to RMB 14,767,886,487.33, securing a 56.56% stake and maintaining its status as the controlling shareholder. PetroChina's subscribed capital will grow to RMB 8,397,425,649.66, representing a 32.16% holding, while China Petroleum Capital will retain its current subscription of RMB 2,944,933,479.31, corresponding to an 11.28% interest.

PetroChina stated that participating in this capital injection aligns with its innovation-driven and green, low-carbon strategies. By actively seeking strategic investment opportunities, the company aims to accelerate its business transformation and upgrading, while also supporting the cultivation of emerging industries and the development of future-oriented sectors.

The company will fund its RMB 4.205 billion contribution from its own resources, partnering with CNPC in the injection. The proceeds are primarily earmarked for Kunlun Capital's private equity fund operations and external equity investment activities. Following the transaction, Kunlun Capital will not be consolidated into PetroChina's financial statements, nor will it become a subsidiary of the company.