Exhibit 4.25
  English
    Translation of Chinese Original
  Equity
    Transfer Agreement
    PetroChina Company Limited
  China National United Oil Corporation
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table of
    contents
  Article 1

Definitions

3Article 2

Subject Interest

4Article 3

Consideration for Transfer of Subject Interest

4Article 4

Conditions Precedent to Closing of the Transfer

4Article 5

Delivery of the Subject Interest

5Article 6

Gain/Loss Arising in the Transition Period

5Article 7

Representations, Warranties and Covenants of the Transferor

5Article 8

Representations, Warranties and Covenants of the Transferee

6Article 9

Obligations of the Transferor

6Article 10

Obligations of the Transferee

6Article 11

Taxes

6Article 12

Default Liabilities

7Article 13

Confidentiality

7Article 14

Effectiveness, Amendments, Rescission, Termination and Assignment

7Article 15

Force Majeure

7Article 16

Notices

8Article 17

Governing Law and Dispute Resolution

8Article 18

Miscellaneous

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Equity
    Transfer Agreement
    Transferor:
  China National United Oil Corporation
        Transferee:
  PetroChina Company Limited
              the Company Law of the
    Peoples Republic of China, the Contract Law of the
    Peoples Republic of China
  Article 1  Definitions
  Transferor 
    
    shall mean China National United Oil Corporation, holding 4.356%
    equity interest in Fuel Oil.Target Company
    
    shall mean PetroChina Fuel Oil Company Limited.Subject Interest
    
    shall mean the target of the Transfer as further set forth in
    Article 2 hereof.Transfer
    
    shall mean the transfer of the Subject Interest from the
    Transferor to the Transferee.Appraisal Report
    
    shall mean the Assets Appraisal Report(Jing Du Zhong Xin
    Ping Bao Zi(2010) No. 072) with respect to the assets
    and liabilities of the Subject Interest as of the Reference Date
    for the purpose of the Transfer.Reference Date
    
    shall mean October 31, 2010.Transition Period
    
    shall mean the period from the Reference Date up to and
    including the Closing Date.Supplemental Audit
    
    shall mean a special audit conducted by an auditor engaged by
    the parties hereto on the changes in the value of the Subject
    Interest from the Reference Date to the reference date of the
    Supplemental Audit for -3-




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the purpose of determining any gain or loss occurred during the
    Transition Period.Closing
    
    shall mean the delivery of the Subject Interest in accordance
    with Article 5 hereof.Closing Date
    
    shall mean the date on which the Closing shall occur as agreed
    by and among the parties hereto after the satisfaction of all
    the conditions precedent to the Closing set forth in
    Article 4 hereof.SASAC
    
    shall mean the State-owned Asset Supervision and Administration
    Commission of the State Council.PRC or China
    
    shall mean the Peoples Republic of China, but for purposes
    of this Agreement, excluding Hong Kong Special Administrative
    Region, Macau Special Administrative Region and Taiwan.  Article 2  Subject
    Interest
    Article 3  Consideration
    for Transfer of Subject Interest
    Article 4  Conditions
    Precedent to Closing of the Transfer
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Article 5  Delivery
    of the Subject Interest
              Article 6  Gain/Loss
    Arising in the Transition Period
    Article 7  Representations,
    Warranties and Covenants of the Transferor
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Article 8  Representations,
    Warranties and Covenants of the Transferee
        Article 9  Obligations
    of the Transferor
      Article 10  Obligations
    of the Transferee
      Article 11  Taxes
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Article 12  Default
    Liabilities
      Article 13  Confidentiality
  Confidential Information
    Article 14  Effectiveness,
    Amendments, Rescission, Termination and Assignment
                          Article 15  Force
    Majeure
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Article 16  Notices
  and/or
    The Transferor:
  China National United Oil Corporation
  Address:

27 Chengfang Street, Xicheng District, BeijingAttention:

Qidi TengTel:

010-66227221Fax:

010-66227208   Transferee:
  PetroChina Company Limited
  Address:

9 Dongzhimen North Street, Dongcheng District, BeijingAttention:

Jiandong ChaoTel:

010-59984551Fax:

010-62094567         Article 17  Governing
    Law and Dispute Resolution
      Article 18  Miscellaneous
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[End of
    text]
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China
    National United Oil Corporation
  /s/
    PetroChina Company Limited
  /s/
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