Document:

exv4w4

    Exhibit 4.4

 

    English
    Translation of Chinese Original
    

 

    Crude Oil
    Mutual Supply

    Framework Agreement for Year 2011

    between

    PetroChina Company Limited

    and

    China Petrochemical Corporation

    Beijing

    January 2011

 

 

    Crude Oil
    Mutual Supply Framework Agreement for Year 2011

 

    PetroChina Company Limited (“PetroChina”) and China
    Petrochemical Corporation (“Sinopec”), following
    friendly consultations, have reached consensus on mutual supply
    of crude oil in the year of 2011 and hereby enter into this
    Agreement (this “Agreement”).

 

		
	
    I.  
	
    Mutual
    Supply and Cross Supply of Crude Oil

 

    1. Mutual supply of crude oil: In 2011, PetroChina shall
    supply Sinopec with 5.23 million tons of domestic onshore
    crude oil, including 3.35 million tons of blended oil
    produced at the Daqing Oil Region (including replacement crude
    oil of 0.25 million tons), 0.65 million tons of oil
    produced at the Jizhong Oil Region, 1.00 million tons of
    oil produced at the Changqing Oil Region, 0.20 million tons
    of oil produced at the Erlian Oil Region, and 30,000 tons of oil
    produced at PetroChina Zhejiang Exploration Company. In 2011,
    Sinopec shall supply PetroChina with 1.315 million tons of
    domestic onshore crude oil, including 0.60 million tons of
    blended oil produced at the Tahe Oil Region, 80,000 tons of oil
    produced at the Yanqi Oil Region, 0.53 million tons of oil
    produced at the Shengli Oil Region, 0.10 million tons of
    oil produced at Pai 601 Block, and 5,000 tons of natural gas
    condensate produced at the Western Sichuan Oil Region of Sinopec
    Southwest Company.

 

    2. Cross supply and exchange of crude oil: In addition to
    the supply to Sinopec of 1.00 million tons of oil produced
    at the Changqing Oil region, PetroChina shall supply Sinopec
    with another 0.40 million tons of oil produced at the
    Changqing Oil Region in exchange for Sinopec’s supply of
    the equal amount of oil produced at its Chunguang Oil Region.
    Such arrangement shall be put into implementation as from
    February 2011. The parties shall implement such crude-oil
    exchange strictly on an
    equal-amount
    basis and shall ensure the free flow of their respective
    downstream operations of the oil regions and ensure the resource
    supply to their respective refineries. In case either party
    fails to supply the agreed amount in full, the other party may
    reduce its supply by an equal amount.

 

    3. The parties hereto shall, in principle, make available
    crude oil of the above supply and take delivery thereof on an
    evenly distributed basis. The quarterly mutual supply of crude
    oil may be adjusted as necessary by mutual agreement thereon and
    in light of the availability of crude oil resources, price and
    the State’s macro-economic planning requirements.
    Accordingly, PetroChina shall begin to supply Sinopec with the
    oil produced at the Erlian Oil Region from September 2011 and
    during the period when PetroChina’s North China
    Petrochemical Company conducts the overhaul (initially scheduled
    for April and May) PetroChina will supply Sinopec with
    0.10 million tons of oil produced at Yanshan Petrochemical
    Co., Ltd.

 

		
	
    II.  
	
    Quality
    of Crude Oil

 

    Matters with respect to the quality of the crude oil to be
    supplied hereunder shall be handled pursuant to applicable
    provisions of SY7513-88 Technical Conditions of Crude Oil at
    Wellhead.

 

    III.  Quarterly
    Supply Agreements; Sales and Purchase Contracts on an
    Enterprise-by-Enterprise
    Basis

 

    The parties hereto agree that quarterly supply agreements shall
    be entered into by and between PetroChina Natural
    Gas & Pipeline Company and the Production and
    Management Department of Sinopec in accordance with this
    Agreement. After the quarterly plans have been issued to the
    respective subsidiaries, PetroChina’s relevant regional
    companies (including its oil fields, refineries and pipeline
    companies) and Sinopec’s relevant subsidiaries (including
    its oil fields and refineries) will enter into specific sales
    and purchase contracts. The total quantities and varieties of
    crude oil to be supplied under such contracts shall be
    consistent with those specified under the above quarterly supply
    agreements.

 

		
	
    IV.  
	
    Price of
    Crude Oil

 

    The price of crude oil to be supplied hereunder shall be settled
    on the basis of the benchmark crude oil price published by the
    National Development and Reform Commission each month and the
    crude oil premium mutually agreed between the parties.

    

    1

 

		
	
    V.  
	
    Payment
    Guarantee

 

    Payment of the price of crude oil to be supplied hereunder shall
    be made on a timely basis and pursuant to the principles agreed
    upon by the parties hereto. PetroChina and Sinopec agree to be
    guarantors, and to assume joint and several guarantee
    liabilities for the failure of timely payment of the price of
    crude oil and other amounts payable by their respective oil
    refineries. The payer shall make timely payments to the payee
    upon receipt of and pursuant to the payment notice.

 

		
	
    VI.  
	
    Miscellaneous

 

    1. Both parties undertake that their subsidiaries will
    perform this Agreement strictly in accordance with the terms
    hereof while maintaining the free flow of the downstream
    operations of their respective oil field enterprises. Any issues
    not covered hereunder shall be resolved through consultations
    between the parties hereto.

 

    2. This Agreement shall be executed in four counterparts,
    with each PetroChina and Sinopec to hold two. This Agreement
    shall remain effective from January 1, 2011 to
    December 31, 2011.

 

	 	 	 
	
    Planning Department,

    PetroChina Company Limited
	
 
	
    Production Management Department, 

    China Petrochemical Corporation

	
 
	
 
	
 

	

    By: /s/  WU
    Mei

    

	
 
	
    By: /s/  YU
    Renming

    

	
 
	
 
	
 

	
    Date: January 12, 2011
	
 
	
    Date: January 12, 2011

    

    2EX-4.25

 

    Exhibit 4.25

 

    English
    Translation of Chinese Original
    

 

    Equity
    Transfer Agreement

    For the Transfer of the Equity in PetroChina Fuel Oil Company
    Limited

    By and between

    PetroChina Company Limited

    and

    China National United Oil Corporation

 

    

    -1-

 

    table of
    contents

 

	 	 	 	 	 
	

    Article 1

	
 
	
    Definitions
	
 
	
    3

	

    Article 2

	
 
	
    Subject Interest
	
 
	
    4

	

    Article 3

	
 
	
    Consideration for Transfer of Subject Interest
	
 
	
    4

	

    Article 4

	
 
	
    Conditions Precedent to Closing of the Transfer
	
 
	
    4

	

    Article 5

	
 
	
    Delivery of the Subject Interest
	
 
	
    5

	

    Article 6

	
 
	
    Gain/Loss Arising in the Transition Period
	
 
	
    5

	

    Article 7

	
 
	
    Representations, Warranties and Covenants of the Transferor
	
 
	
    5

	

    Article 8

	
 
	
    Representations, Warranties and Covenants of the Transferee
	
 
	
    6

	

    Article 9

	
 
	
    Obligations of the Transferor
	
 
	
    6

	

    Article 10

	
 
	
    Obligations of the Transferee
	
 
	
    6

	

    Article 11

	
 
	
    Taxes
	
 
	
    6

	

    Article 12

	
 
	
    Default Liabilities
	
 
	
    7

	

    Article 13

	
 
	
    Confidentiality
	
 
	
    7

	

    Article 14

	
 
	
    Effectiveness, Amendments, Rescission, Termination and Assignment
	
 
	
    7

	

    Article 15

	
 
	
    Force Majeure
	
 
	
    7

	

    Article 16

	
 
	
    Notices
	
 
	
    8

	

    Article 17

	
 
	
    Governing Law and Dispute Resolution
	
 
	
    8

	

    Article 18

	
 
	
    Miscellaneous
	
 
	
    8

    

    -2-

 

    Equity
    Transfer Agreement

 

    This Equity Transfer Agreement (this “Agreement”) is
    entered into this 26th day of November 2010 in Beijing by and
    between the following parties:

 

    Transferor:

 

    China National United Oil Corporation (“United
    Oil”)

 

    Business License No.: 110000009716574

 

    Registered Address: 27 Chengfang Street, Xicheng District,
    Beijing

 

    Legal Representative: LI Xinhua

 

    Transferee:

 

    PetroChina Company Limited

 

    Business License No.: 1000001003252

 

    Registered Address: World Tower, 16 Andelu, Dongcheng District,
    Beijing

 

    Legal Representative: JIANG Jiemin

 

    Whereas,

 

    (i) United Oil is a limited liability company duly
    established and validly existing under the laws of the PRC and
    legally owns 4.356% equity interest in PetroChina Fuel Oil
    Company Limited (“Fuel Oil”);

 

    (ii) Subject to the conditions and terms of this Agreement,
    the Transferor desire to transfer to the Transferee, and the
    Transferee desires to purchase from the Transferor, all the
    4.356% equity interest in Fuel Oil.

 

    NOW, THEREFORE, in accordance with the Company Law of the
    People’s Republic of China, the Contract Law of the
    People’s Republic of China, and other applicable laws
    and regulations, the Transferor and the Transferee, after
    friendly negotiations, hereby reach agreement as follows with
    respect to the transfer of the Subject Interest (as defined
    below) for mutual observance:

 

    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-

 

			
	
		
    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

 

    The Subject Interest shall refer to the 4.356% equity interest
    in United Oil owned by the Transferor, i.e., United Oil.

 

    Article 3  Consideration
    for Transfer of Subject Interest

 

    The parties hereto agree and acknowledge that the consideration
    for the Transfer of the Subject Interest shall be RMB 39,224.8,
    as determined by reference to the asset appraisal results set
    forth in the Appraisal Report prepared as of the Reference Date.
    However, such consideration will be adjusted by reference to the
    final appraised value filed with SASAC.

 

    Article 4  Conditions
    Precedent to Closing of the Transfer

 

    4.1 The Closing hereunder shall occur on the Closing Date
    agreed between the parties hereto following the satisfaction of
    all the conditions precedent to the Closing:

 

    (1) This Agreement has been duly signed by the legal
    representatives of the Transferor and the Transferee or their
    respective authorized representative;

 

    (2) All necessary consents or approvals in connection with
    this Agreement and the Subject Interest have been obtained,
    including without limitation:

 

    (A) the Transferor has obtained approval from its
    respective internal governing bodies in respect of the Transfer;

 

    (B) the Transferee has obtained approval from its
    respective internal authorities in respect of the Transfer;

 

    (C) the Transfer has been approved by the shareholders of
    the Target Company;

 

    (D) creditors and any other relevant third parties have
    given the Transferor all the necessary consents in respect of
    the delivery of the Subject Interest;

 

    (E) the Appraisal Report, being the pricing basis of the
    Transfer, has been confirmed by the Transferor and the
    Transferee and filed with SASAC or its authorized local
    branches; and

 

    (F) the Transfer, to take place by way of transfer by
    agreement, has been approved by SASAC or its authorized local
    branches.

 

    (3) all the representations, warranties and covenants made
    by the parties hereto in this Agreement shall remain true and
    accurate as at the Closing Date.

    

    -4-

 

    4.2 The parties hereto shall make efforts to cooperate with
    each other friendly to ensure that all the conditions precedent
    set forth above will be satisfied as soon as practicable and
    shall make all reasonable efforts to cause the Transfer to be
    completed by June 30, 2011.

 

    Article 5  Delivery
    of the Subject Interest

 

    5.1 The Transferor shall, within a reasonable period,
    actively procure the fulfillment of all the Closing conditions
    set forth in Article 4, give a notice to the Transferee in
    writing requesting Closing to be conducted and shall furnish
    copies of the documents/proof evidencing fulfillment of the
    Closing conditions and the proposed Closing Date.

 

    5.2 If the Transferee determines that all the Closing
    conditions have been fulfilled, it shall, within five
    (5) business days following receipt of the notice referred
    to in Article 5.1, issue a letter to the Transferor in
    writing indicating its agreement to the Closing as well as the
    Closing Date proposed by the Transferor.

 

    5.3 At the Closing Date, the Transferee shall pay the
    consideration to the Transferor in full to the bank account
    designated by the Transferorin a lump sum.

 

    5.4 At the Closing Date, the Transferor shall deliver to
    the Transferee the investment certificate issued by the Target
    Company or the amended shareholder register, and shall cause and
    assist the Target Company to carry out the registration of
    changes to the Subject Interest with the competent
    administration for industry and commerce.

 

    5.5 At the Closing Date, the Transferor shall deliver to
    the Transferee or the Target Company, all the materials relating
    to the Target Company in their possession, including without
    limitation, asset lists, financial statements, and files
    relating to the Target Company.

 

    5.6 As from the Closing Date, the Transferee shall obtain
    the Subject Interest, together with all the interest accrued
    thereon in accordance with applicable PRC laws, and enjoy and
    assume the corresponding rights and obligations under applicable
    laws and regulations and articles of association of the Target
    Company.

 

    Article 6  Gain/Loss
    Arising in the Transition Period

 

    The parties hereto agree and acknowledge that subject to the
    terms and conditions hereunder any gain/loss arising in the
    Transition Period shall be enjoyed and assumed by the
    Transferor. Subject to the terms and conditions of this
    Agreement, any gain/loss of the Target Company arising in the
    Transition Period shall be enjoyed or borne by the Transferor.
    The parties hereto agree that in the event of a loss during such
    period the Transferee shall reduce the consideration by an
    amount equal to such loss, and on the contrary in the event of a
    profit during such period, the Transferee shall increase the
    consideration by an amount equal to such loss. The actual amount
    of gain/loss shall be determined by the parties hereto by
    reference to the results of the Supplemental Audit.

 

    Article 7  Representations,
    Warranties and Covenants of the Transferor

 

    7.1 The Transferor is a limited liability company duly
    established and validly existing under the laws of the PRC. The
    Transferor legally owns the Subject Interest and has the right
    to transfer the Subject Interest to the Transferee in accordance
    with this Agreement.

 

    7.2 The Transferor warrants that it has not, whether
    directly or indirectly, created any pledge, third party interest
    or any other restriction of right on the Subject Interest.

 

    7.3 The execution and performance of this Agreement by the
    Transferordo not violate any contracts or agreements to which
    the Transferor is legally bound by.

 

    7.4 The execution and performance of this Agreement by the
    Transferor does not violate any applicable laws or regulations,
    or the articles of association or other constitutional documents
    of the Transferor.

 

    7.5 The Transferor undertakes to make efforts to cooperate,
    and cause the Target Company to cooperate with the Transferee in
    the completion of any and all legal or administrative procedures
    in connection with the Transfer hereunder, including without
    limitation, industrial and commercial registration of the
    relevant changes.

    

    -5-

 

    7.6 The Transferor hereby makes the following
    representations, warranties and covenants to the Transferee with
    respect to the Target Company:

 

    (1) The Target Company is duly established and validly
    existing as an independent legal person under the laws of the
    PRC;

 

    (2) The Target Company is not in violation of any currently
    effective PRC laws, regulations or rules, and has duly completed
    the procedures for the registration, annual review or annual
    audit of all the relevant permits, licenses and approvals as
    required by competent governmental authorities, including
    without limitation, competent industrial and commercial
    administrative authorities, tax authorities, and customs
    authorities, and has obtained all the qualifications for the
    conduct of its business;

 

    (3) Except as disclosed to the Transferee, the Target
    Company has the legal ownership and use right to its assets as
    evidenced by all the necessary certificates and instruments
    without any flaw, free from any security interest or any other
    encumbrance or third party interest;

 

    (4) The Target Company does not have any material
    litigations, claims, arbitration, administrative proceedings or
    other legal proceedings, whether pending or threatening, or any
    contingent liabilities in any other form. The Target Company has
    paid in full all the taxes due and payable or prior to the date
    hereof, and shall guarantee that it shall pay in full all the
    taxes due and payable from the date hereof to the Closing Date;

 

    (5) From the date hereof to the Closing Date, the Target
    Company shall not declare or pay in any form any dividends,
    bonuses or distributions to any of its shareholders or any other
    person;

 

    (6) All the financial and operational information relating
    to the Target Company furnished by the Transferor and the Target
    Company are true, accurate and complete; and

 

    (7) The Transferor has fully paid up the capital
    contribution to the Target Company subscribed for by it.

 

    Article 8  Representations,
    Warranties and Covenants of the Transferee

 

    8.1 The Transferee is a company limited by shares duly
    established and validly existing under the laws of the PRC.

 

    8.2 The execution and performance of this Agreement by the
    Transferee do not violate any contracts or agreements by which
    the Transferee is legally bound.

 

    8.3 The execution and performance of this Agreement by the
    Transferee do not violate any applicable laws or regulations, or
    the articles of association or other constitutional documents of
    the Transferee.

 

    Article 9  Obligations
    of the Transferor

 

    9.1 The Transferor shall apply to SASAC for its approval to
    the Transfer of the Subject Interest by way of transfer by
    agreement and arrange for the appraisal results to be filed with
    SASAC.

 

    9.2 The Transferor shall cause the Target Company to carry
    out the industrial and commercial registration of the amendments
    to the shareholder register and articles of association of the
    Target Company.

 

    Article 10  Obligations
    of the Transferee

 

    10.1 The Transferee shall assist the Transferor to complete
    all the applications for, filings of and industrial and
    commercial registration of changes in connection with the
    Transfer.

 

    10.2 The Transferee shall pay the consideration for the
    Transfer to the Transferor on a timely basis in accordance with
    relevant provisions hereof.

 

    Article 11  Taxes

 

    The taxes and charges incurred in connection with the Transfer
    shall be assumed by the parties hereto in accordance with the
    applicable laws and regulations.

    

    -6-

 

    Article 12  Default
    Liabilities

 

    12.1 After this Agreement takes effect, if any party hereto
    fails to fulfill any of its other obligations hereunder in
    accordance with the terms hereof, or any representations or
    warranties contained herein made by such party hereto is false,
    such party shall be deemed to be in default. The defaulting
    party shall indemnify the non-defaulting party against any and
    all losses suffered by the non-defaulting party as a result of
    the above default.

 

    12.2 After this Agreement takes effect, if the Transferor
    fails to transfer any Subject Interest in accordance with the
    terms hereof, the Transferee shall have the right to terminate
    this Agreement. In addition, the Transferor shall be liable for
    indemnifying the Transferee against any expenses and losses
    actually incurred by the Transferee as a result of the above
    failure, including without limitation, any and all related
    expenses incurred in connection with the Transferee’s
    purchase of the Subject Interest.

 

    Article 13  Confidentiality

 

    All the parties hereto shall treat any and all details regarding
    this Agreement and the Transfer of the Subject Interest, the
    relationship among the parties hereto and the documents
    furnished to each other hereunder as confidential information
    (the “Confidential Information”). Without prior
    written consent of the other party, any party hereto may not
    disclose the Confidential Information to any person other than
    the parties hereto, except for any disclosure to relevant
    advisors or regulatory bodies or as required by the listing
    rules of the jurisdiction in which it is listed.

 

    This Article shall survive the expiration or any termination of
    this Agreement for any reason.

 

    Article 14  Effectiveness,
    Amendments, Rescission, Termination and Assignment

 

    14.1 Effectiveness

 

    This Agreement has been executed by the authorized
    representatives of the parties hereto on the date first written
    above and shall officially come into effect upon the
    satisfaction of all the following conditions:

 

    (1) this Agreement has been authorized/approved by the
    competent internal governing bodies of the Transferor and the
    Transferee; and

 

    (2) the Transfer by way of transfer by agreement as
    contemplated hereunder has been approved by SASAC.

 

    14.2 Amendments and Rescission

 

    After execution, this Agreement may not be amended or rescinded
    by any party without prior written consent from the other
    parties.

 

    14.3 Termination

 

    At any time prior to the consummation of the Closing, this
    Agreement may be terminated as follows:

 

    (a) by mutual agreement among the parties hereto; or

 

    (b) by the Transferee at its own discretion, without any
    liability, in case the Transferee is aware of any event that may
    have an adverse effect on the Subject Interest or the Transferee
    or any representation, warranty or covenant made by the
    Transferor has any omission or is misleading, incomplete or
    accurate.

 

    14.4 No Assignment

 

    Without the written consent of the other parties, any party
    hereto may not transfer any of its rights or obligations
    hereunder to any third party.

 

    Article 15  Force
    Majeure

 

    If any party has been prevented from performing all or part of
    its obligations provided in this Agreement because of an event
    of Force Majeure, including earthquake, typhoon, flood, fire,
    war and any governmental

    

    -7-

 

    interference, or change of circumstances, it shall promptly
    notify the other party in writing, and shall provide the other
    party with details of the event of force majeure or change of
    circumstances, as well as valid evidence supporting its
    inability to perform all or part of its obligations hereunder or
    the reasons for the extension of the term for performance within
    seven (7) days following the occurrence of such event. The
    parties shall negotiate to terminate this Agreement, partially
    release or extend the term of the performance of the affected
    obligations as necessary, based on the extent of the effect of
    such event on the performance of this Agreement.

 

    Article 16  Notices

 

    16.1 Notices given hereunder shall be in writing and sent
    by facsimile, email, personal delivery or mail. Any such notice
    shall be sent to the addressee at the following address, and
    shall contain sufficient statements
    and/or
    details indicating that it relates to the subject matters of
    this Agreement.

 

    The contact information of the parties hereto is as follows:

 

    The Transferor:  

 

    China National United Oil Corporation

 

	 	 	 
	

    Address:

	
 
	
    27 Chengfang Street, Xicheng District, Beijing

	

    Attention:

	
 
	
    Qidi Teng

	

    Tel:

	
 
	
    010-66227221

	

    Fax:

	
 
	
    010-66227208

 

    Transferee:

 

    PetroChina Company Limited

 

	 	 	 
	

    Address:

	
 
	
    9 Dongzhimen North Street, Dongcheng District, Beijing

	

    Attention:

	
 
	
    Jiandong Chao

	

    Tel:

	
 
	
    010-59984551

	

    Fax:

	
 
	
    010-62094567

 

    16.2 Each notice given by facsimile, email or personal
    delivery shall be deemed to have been duly delivered on the date
    such notice is sent out, unless the addressee furnish proof to
    the contrary evidencing that it has not received such notice as
    a matter of fact.

 

    16.3 Each notice given by mail shall be deemed to have been
    duly delivered three (3) business days after such notice is
    delivered to postal services, unless the addressee furnish the
    proof to the contrary evidencing that it has not received such
    notice as a matter of fact.

 

    16.4 In case any party hereto intends to change its contact
    person or any other contact information, such party shall notify
    the other party in writing seven (7) business days prior to
    such change.

 

    Article 17  Governing
    Law and Dispute Resolution

 

    17.1 The formation, validity, performance, interpretation
    and enforceability as well as any and all issues in connection
    with this Agreement shall be governed by the laws of the PRC.

 

    17.2 Any dispute arising from, out of or in connection with
    this Agreement shall be settled through friendly consultations
    among the parties.

 

    Article 18  Miscellaneous

 

    18.1 Maintenance of Normal Operation and Management

 

    From the date hereof to the Closing Date, the parties hereto
    agree to maintain the normal operation and management of the
    Target Company. The Transferor guarantees that the Target
    Company will not make any material change or conduct any
    substantial disposal with respect to its human resources or
    assets, nor will it make any change or conduct any disposal with
    respect to the Subject Interest or the human resources relating
    thereto in a

    

    -8-

 

    way contrary to the purpose of this Agreement. In the event of
    any material changes to the Target Company other than in the
    ordinary course of its business, the Transferor shall forthwith
    notify the Transferee in writing of such changes.

 

    18.2 Decision-making and Delivery of Operation and
    Management

 

    As from the Closing Date, the Transferee shall have the right to
    nominate candidates for members of the board of directors and
    the board of supervisors of the Target Company, and to
    participate in the decision-making, operation and management of
    the Target Company. The Transferor shall do its best endeavors
    to provide any and all assistance and deliver the relevant
    materials and documents in its possession to the Transferee.

 

    18.3 Disposal of Creditor’s Rights and Debts

 

    Following the consummation of the Transfer, all the
    creditor’s rights, debts and other contingent liabilities
    of the Target Company shall continue to be enjoyed and assumed
    by the Target Company.

 

    This Agreement shall be executed in nine (9) counterparts,
    with two for each party and the remainder for standby purposes.
    All such counterparts shall have equal legal force.

 

    [End of
    text]

    

    -9-

 

    (Signature page of the Equity Transfer Agreement by and between
    China National United Oil Corporation and PetroChina Company
    Limited)

 

    The Transferor:

 

    China
    National United Oil Corporation

 

    Legal Representatives or Authorized
    Representative:  /s/                    

 

    The Transferee:

 

    PetroChina Company Limited (affixed with the company seal)

 

    Legal Representatives or Authorized
    Representative:  /s/                    

    

    -10-

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