Document:

EX-4.19

 Exhibit 4.19 

PetroChina Company Limited 
 China
Oil & Gas Pipeline Network Corporation 
 Production and Operation Agreement 

July 2020 
 Beijing

 This Agreement is entered into by and between the following parties in Beijing, the People’s Republic
of China (hereinafter referred to as “China” or the “PRC”) on July 23, 2020: 
 The Shipper: PetroChina Company Limited 

Legal Representative: Dai Houliang 
 Registered Address:
No. 16, Ande Road, Dongcheng District, Beijing 
 The Carrier: China Oil & Gas Pipeline Network Corporation 

Legal Representative: Zhang Wei 
 Registered Address: Rooms 08-10, Floor 6, Building A, No. 5, Dongtucheng Road, Chaoyang District, Beijing 
 After amicable
negotiations by adhering to the principle of equality and mutual benefit and win-win cooperation, the Parties hereby reach agreement as follows: 

1. Goals and Objectives. Subject to PRC laws & regulations and other relevant requirements, the parties shall closely
coordinate and cooperate with each other and support each other’s development, and jointly establish a long-term cooperation mechanism for coordination of production and operation with a view to securing orderly interfacing between and ensuring
a smooth and steady operation of the oil and gas production business of the Shipper and the pipeline transportation business. 
 2.
Operation Coordinating Entities. The parties have agreed after consultations to conduct the interfacing at three levels, i.e., the headquarters level, the Production and Operation Command Center level and the regional company level. The
interfacing entities shall be as follows: the Production and Operation Management Department of the Shipper and the Production and Operation Headquarters of the Carrier, the Production and Operation Command Center of the Shipper and the Oil and Gas
Control Center of the Carrier, and Regional Companies of the parties having business dealings with each other. 
 3. Operation
Coordination Principle. The parties have agreed after consultations that the operation coordination management shall be carried out by adhering to the following principles: 

3.1 Principle of contract-based operation management and consistency of plans 

3.1.1 In accordance with this Agreement, the parties will enter into individual agreements in respect of the oil and gas pipeline networks, LNG
receiving stations, gas depots, and other related facilities and corresponding services to specify their respective rights and obligations, and will strictly perform this Agreement and such individual agreements (contracts), so as to jointly
establish a new contractual pipeline transportation service relationship. 
 3.1.2 The parties shall establish a joint workgroup for
operation coordination to regularly verify the alignment between the annual, quarterly and monthly production and operation and pipeline transportation plans of the parties, with a view to securing the consistency between and the strict compliance
with such plans. 

  
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 3.1.3 The Carrier shall station an on-site
representative at the Shipper to conduct the interfacing in relation to plans and operations and handle business related matters, etc. 

3.2 Principle of fair opening, compliant operation and smooth and steady interfacing 

3.2.1 The Carrier shall preferentially guarantee the due performance of the existing services of the Shipper. Subject to the Measures for
the Supervision and Administration of Fair Opening of Oil and Gas Pipeline Network Facilities, the Carrier shall guarantee the transportation of the oil and gas resources under the long-term trade contracts signed by the Shipper before the
handover of domestic oil and gas and assets to the Carrier. The Carrier shall ensure that all the pipelines, gas depots, oil depots and LNG receiving stations, etc. handed over by the Shipper to the Carrier shall continue to satisfy the
Shipper’s requirements for contents and quantity of services used by the Shipper prior to the handover. The Carrier shall procure that the capacity of pipelines and depots and the opening of the window periods of the LNG receiving stations will
accommodate the full digestion of the imported resources under the long-term trade contracts signed by the Shipper prior to the handover of relevant domestic oil and gas related assets to the Carrier. In addition, the Carrier shall satisfy the
additional needs of the Shipper. In respect of the outgoing oil and gas transportation pipelines constructed by or for the Shipper’s oil/gas field, refining and chemicals, and marketing branches as their supporting facilities, the Carrier shall
procure smooth outgoing transportation of and adequate logistic support for further distribution of the oil and gas resources supplied by the Shipper’s relevant branches, in accordance with contracts or plans to be further executed or agreed by
and between them. 
 3.2.2 Both parties acknowledge that the obligations under the Pipeline Entry Opening Agreement and the Pipeline
Transportation Agreement (including supplemental agreements thereto) executed by and between the Shipper’s Natural Gas Marketing Branch and PetroChina Pipeline Co., Ltd., shall, if fully satisfied, be deemed to have been completely performed,
and if not yet fully satisfied, be handled subject to further negotiations between the parties through a special workgroup jointly established by the parties. Such special workgroup shall discuss such obligations on a
case-by-case basis without violating the principle of fair opening of oil and gas pipeline facilities. 

3.2.3 No major adjustment will be made to the existing routine interfacing model between regional companies of the parties. Except that the
crude oil sales shall operate by the new mechanism, delivery metering and other similar operations shall to the extent possible, continue to follow the routine interfacing practice prior to the handover of relevant assets from the Shipper to the
Carrier. 
 3.3 Principle to jointly promote the operation management innovation and data sharing 

3.3.1 Labeling management of crude oil and refined product transportation. The Carrier shall adopt the oil labeling management for the
crude oil and refined product pipeline transportation services, and procure that the oil products will enter and exit from the pipelines in an orderly manner and allow separate quality control. 

  
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 3.3.2 By bearing in mind the “pipelines deliver the qualified products” concept,
the Carrier shall be responsible for blending treatment of refined products, and pay the treatment expenses. The refining and chemicals, marketing and transportation branches of the Shipper may, in accordance with the commissioned service contracts
signed with the relevant pipeline transportation enterprises, cooperate with such enterprises in the processing and re-refining, mixing and blending, and transportation of mixed oil, and charge corresponding
expenses based on market practice. The parties may set forth such matters in relevant individual agreements. 
 3.3.3 When purchasing the
self-used natural gas fuel, the Carrier shall, in principle, determine the purchase volume of fuel gas for the current year based on the proportion of the Shipper’s actually supplied self-used gas in the preceding year, at a price agreed
between the parties. 
 3.3.4 The parties shall open to and share with each other the operational parameters of the delivery points and the
related oil and gas resources, main oil/gas pipelines, gas storage depots and LNG receiving stations, etc. in the vicinity. 
 4.
Contents of Operation Coordination 
 4.1 The Production and Operation Management Department of the Shipper and the Production and
Operation Headquarters of the Carrier shall be in charge of the coordination and interfacing in connection with the following work: 
 4.1.1
The Shipper’s annual, quarterly and monthly plans for crude oil, refined product and natural gas pipeline transportation; plans for injections and withdrawals at gas storage depots; and plans for LNG receiving, unloading, and gasified LNG
external transportation for LNG receiving stations, shall, after being developed into formal plans through interfacing between the parties, be issued to the subordinate enterprises of the parties; and 

4.1.2 Both parties shall summarize the overhaul and maintenance plans of their subordinate enterprises, formulate the company-level annual,
quarterly and monthly overhaul and maintenance plans for upstream and downstream operations. The parties shall then organize a centralized interfacing to develop formal plans on that basis and issue such formal plans to the subordinate enterprises.

 4.1.3 Coordinated handling of major issues in oil/gas pipeline transportation operations 

4.2 The Production and Operation Command Center of the Shipper and the Oil and Gas Control Center of the Carrier shall be in charge of the
coordination and interfacing in connection with the performance of the following work: 
 4.2.1 joint preparation of the weekly balancing
plans, intraday capacity nomination schedules (or batch plans) and other pipeline transportation plans and organization of the implementation of such schedules and plans; 

4.2.2 interfacing in relation to the day-to-day production and
operation, pipeline transportation plan adjustment and other work; 
 4.2.3 collection and organization of statistical reports of oil/gas
pipeline transportation business, gas storage depots and LNG receiving stations; and 

  
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 4.2.4 establishment of a joint emergency response mechanism for production and operation,
and provision of assistance to each other in the preparation of the emergency plan. 
 4.3 Regional Companies of the parties shall be in
charge of the coordination and interfacing in connection with the performance of the following work: 
 4.3.1 The Shipper’s oil field,
refining and chemicals, refined product marketing, and natural gas marketing branches, Sino-Pipeline International Company Limited and other related enterprises will enter into a delivery metering agreement, a dispatch operation agreement and any
other necessary agreement with the applicable subordinate enterprises of the Carrier. The parties shall maintain the day-to-day operation related interfacing at the
regional company level. 
 4.3.2 Crude oil business. The Northeast Marketing Center and West Marketing Center of the Shipper’s
Crude Oil Marketing Branch and other relevant enterprises shall entrust applicable subordinate enterprises of the Carrier to provide the relevant services in accordance with the monthly plans. The parties shall work with each other to resolve
problems arising in day-to-day crude oil business operation. 

4.3.3 Refined product business. As the purchaser and seller of refined product resources, the northeast and northwest regional
companies of the Shipper’s Petroleum Product Marketing Branch shall entrust the applicable subordinate enterprises of the Carrier to provide the relevant services in accordance with the monthly plans. The parties shall work with each other to
resolve problems arising in day-to-day refined product business operation. 

4.3.4 Natural gas business. As the entity of centralized purchase and marketing of natural gas, the Natural Gas Marketing Branch of the
Shipper, and the Production and Operation Headquarters of the Carrier or other applicable enterprises subordinate thereunder to provide the relevant services in accordance with the monthly plans pursuant to the agreements signed by both parties. The
parties shall work with each other to resolve problems arising in the day-to-day natural gas business operation. 

5. Preparation and Implementation of Pipeline Transportation Schedules and Plans 

5.1 The Production and Operation Management Department of the Shipper shall take the lead and work with the Production and Operation
Headquarters of the Carrier in the preparation of the annual, quarterly and monthly oil/gas pipeline transportation plans pursuant to this Agreement and the applicable individual agreements, which plans shall, after being agreed by both parties
through consultations, be issued to the respective subordinate enterprises of the parties. 
 5.2 After interfacing between the parties, the
annual pipeline transportation plan of each party for each year shall be agreed by October of the preceding year; the quarterly pipeline transportation plan for each quarter shall be agreed by the
15th day of the third month in the preceding quarter and the monthly plan for the next month shall be proposed on the 10th day of each month
when the remaining transportation capacity is announced; and the monthly pipeline transportation plan for each month shall be agreed by the 20 day of the preceding month. 

  
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 5.3 In preparing annual, quarterly and monthly pipeline transportation plans, subject to
relevant national policies for fair opening of oil and gas pipeline network facilities, to the extent permitted by its pipeline transportation capacity, the Carrier shall satisfy the Shipper’s requirements in relation to the imported resources
under long-term trade contracts signed by the Shipper before the handover of certain domestic oil and gas related assets of the Shipper to the Carrier. The parties shall strictly perform each plan confirmed after interfacing. 

5.4 The preparation of the weekly balancing plans (or intraday capacity nomination schedules, or batch plans) of the parties shall be jointly
led by the Production and Operation Management Department of the Shipper and the Production and Operation Headquarters of the Carrier, and the interfacing in relation thereto shall be conducted between the Production and Operation Command Center of
the Shipper and the Oil and Gas Control Center of the Carrier, with the specific timing for interfacing to be set forth in related pipeline operation plans or otherwise. 

6. Working Mechanism for Classified Coordination of Operation Management 

6.1 Matters related to day-to-day oil/gas pipeline
transportation business shall be handled through interfacing and coordination between the Production and Operation Command Center of the Shipper and the Oil and Gas Control Center of the Carrier. 

6.2 In case any major problem or periodical problem arises in the production and operation which requires joint efforts of the parties, such
problem shall be resolved through interfacing and coordination between the Production and Operation Management Department of the Shipper and the Production and Operation Headquarters of the Carrier. 

6.3 In case of any abnormality of any pipeline storage and transportation facilities or material imbalance between the demand and supply of
resources which is material enough to require the taking of an emergency response action, such abnormality or imbalance shall be addressed through the joint emergency response mechanism for production and operation. The materiality of any issue or
matter or problem shall be defined in relevant agreements or emergency response plans. 
 7. Operation Management of Crude Oil Pipeline
Transportation 
 7.1 In case of any matter arising from the
day-to-day operation of crude oil pipeline transportation, the Production and Operation Management Department of the Shipper shall direct the Production and Operation
Command Center of the Shipper to coordinate and interface with the Oil and Gas Control Center of the Carrier to find a solution. 
 7.2 The
Northeast Marketing Center and West Marketing Center of the Shipper’s Crude Oil Marketing Branch shall work with the applicable subordinate enterprise of the Carrier to handle matters related to the day-to-day operation of pipeline transportation of crude oil within the area subject to their authority. Any such matter that cannot be so resolved shall be escalated level-by-level to the competent authorities for coordination and resolution. 

  
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 7.3 Each crude oil pipeline transportation capacity allocation schedule and batch plan
shall, after being agreed between the Production and Operation Command Center of the Shipper and the Oil and Gas Control Center of the Carrier through interfacing and coordination, be implemented by the parties in accordance with the terms thereof.

 7.3.1 During the period when upstream and downstream enterprises are in normal production or conducting an overhaul as planned, intraday
nominated capacity shall be the equilibrium level during the relevant number of days in operation, and the quantity of each batch shall be properly determined by coordination with the upstream and downstream enterprises on the condition that the
monthly plans can be fulfilled. Where the single-day or weekly inflow and outflow volume difference fluctuates within a range permitted by the monthly plan, the Northeast Crude Oil Marketing Center and West
Crude Oil Marketing Center of the Shipper shall enter into negotiations with the applicable subordinate enterprise of the Carrier for an appropriate adjustment. 

7.3.2 In case of a substantial imbalance between the pipeline inflow volume and outflow volume due to decrease in the upstream resource supply
or decline in the oil receiving quantity of downstream refineries, the Production and Operation Command Center of the Shipper and the Oil and Gas Control Center of the Carrier shall coordinate with each other to find a solution. 

7.4 As for those depots serving as production and operation supporting facilities which have been transferred to the Carrier from the Shipper,
to the extent permitted by the depot capacity, the Carrier shall make its best endeavors to satisfy the Shipper’s requirements for crude oil pipeline transportation, resource balancing and optimized allocation. 

8. Operation Management of Refined Product Pipeline Transportation 

8.1 In case of any matter arising from the day-to-day operation
of refined product pipeline transportation, the Production and Operation Management Department of the Shipper shall direct the Production and Operation Command Center of the Shipper to coordinate and interface with the Oil and Gas Control Center of
the Carrier on a centralized basis to find a solution. 
 8.2 The northeast and northwest regional companies of the Refined Product
Marketing Branch of the Shipper shall work with the applicable subordinate enterprises of the Carrier to handle matters related to the day-to-day operation of pipeline
transportation of crude oil within the area subject to their authority. Any such matter that cannot be resolved in such way shall be escalated level-by-level to the
competent authorities for coordination and resolution. 
 8.3 A batch plan for refined product pipeline transportation shall be submitted by
the Production and Operation Command Center of the Shipper to the Oil and Gas Control Center of the Carrier. The Oil and Gas Control Center of the Carrier shall then make an operation schedule based on such proposed batch plan and organize the
implementation of the schedule. In case of an adjustment to a batch plan within a tolerable range within a single day, the northeast and northwest regional companies of Refined Product Marketing Branch of the Shipper shall coordinate with the
applicable subordinate enterprise of the Carrier to accommodate such adjustment. In case of a substantial local imbalance between inflow volume and outflow volume of the pipelines, the Production and Operation Command Center of the Shipper and the
Oil and Gas Control Center of the Carrier shall coordinate with each other to find a solution. 

  
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 8.4 As for those crude oil depots serving as production and operation supporting facilities
which have been transferred to the Carrier, to the extent permitted by the depot capacity, the Carrier shall make its best endeavors to satisfy the Shipper’s requirements for refined product pipeline transportation, resource balancing and
optimized allocation. 
 9. Operation Management of Natural Gas Pipeline Transportation 

9.1 In case of any matter arising from the day-to-day operation
of natural gas pipeline transportation, the Production and Operation Management Department of the Shipper shall direct the Production and Operation Command Center of the Shipper to coordinate and interface with the Oil and Gas Control Center of the
Carrier on a centralized basis to find a solution. 
 9.2 The intraday natural gas capacity nomination schedule shall be submitted by the
Production and Operation Command Center of the Shipper to the Oil and Gas Control Center of the Carrier, and after being confirmed by the Oil and Gas Control Center of the Carrier by taking into consideration the pipeline transmission capacity and
the operation of the pipeline network, be issued for implementation. Fluctuations in the difference between the inflow volume and outflow volume of the pipeline network on a single day within a tolerable range shall be regulated by the Oil and Gas
Control Center of the Carrier through linepack. In case of a substantial local imbalance between the inflow volume and outflow volume of the pipeline network, the Oil and Gas Control Center of the Carrier shall enter into negotiations with the
Operation Command Center of the Shipper for a solution. 
 9.3 As for those gas storage depots and LNG receiving stations which were
previously owned by the Shipper and have by now been transferred to the Carrier, subject to the principle of fair opening of oil and gas network facilities in accordance with law, the Carrier shall satisfy the Shipper’s existing service
requirements. The Shipper’s intraday capacity requirement forecast shall be submitted to the Oil and Gas Control Center of the Carrier by being incorporated into the intraday capacity nomination schedule by the Production and Operation Command
Center of the Shipper. The Production and Operation Command Center of the Shipper shall organize the implementation of the intraday capacity nomination schedule submitted by the Production and Operation Command Center of the Shipper after balancing
it based on the relevant service contact. 
 10. Delivery Metering and Payment Settlement 

10.1 By adhering to the international delivery metering principle of “metered by the deliverer under the supervision of the
receiver”, the parties shall work with each other to procure a satisfactory delivery metering. Metering at the loading point when the Shipper’s resources are loaded onto the pipelines shall be mainly performed by the Shipper under the
supervision of the Carrier; and on the contrary, metering at the unloading point of the pipelines shall be mainly performed by the Carrier under the supervision of the Shipper. For any unloading point at which the metering facilities are not
adequate to satisfy the delivery metering requirement, the party who is the owner of such delivery metering facilities shall upgrade such facilities to ensure accurate metering. 

  
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 10.2 Metering data shall be subject to confirmation by the Shipper, the Carrier and the
related upstream or downstream operator. The authentication certificates of relevant instruments and calibration curves shall comply with applicable national standards, and shall be fully open to each other. The metering dispute reconciliation
mechanism and resolution method shall be set forth in the relevant delivery metering agreement among such three parties. 
 10.3 Oil and gas
transportation shall be managed by following the “delivery at the loading point and confirmation and settlement at the unloading point” model. The Carrier shall satisfy the Shipper’s requirements for physical inventory check at the
oil and gas depots (for natural gas, such check shall be done against account books) and shall follow the yearly check and yearly settlement practice. For crude oil and refined products, the actual pipeline transmission loss shall be calculated
based on actual loss, and any loss in excess the designed loss rate shall be borne by the Carrier, and any surplus oil (if any) shall be returned to the Shipper in proportion to the Shipper’s pipeline transportation volume. The surplus oil (if
any) shall be returned to the Shipper in a manner to be jointly considered and determined by the parties. The parties shall establish a joint inventory check coordination mechanism and develop an inventory check implementation plan through
consultations. 
 10.4 The parties have jointly determined that the designed loss rate for both crude oil pipeline transmission and refined
product pipeline transmission is £0.06%. In the event that the actual pipeline transmission loss rate in the course of operation deviates materially from the designed loss rate for three consecutive
years, the parties shall establish a mechanism to resolve such issue through consultations and jointly consider making an appropriate amendment to the designed pipeline transmission loss rate. Matters related to natural gas pipeline transmission
loss shall be governed by the Measures for Supervision and Examination of the Cost Base for Natural Gas Pipeline Transportation Pricing (the 2017 version, trial). Considering the fact that the loss cost is inclusive in the pipeline
transportation price, the transmission loss for natural gas arising from actual operations shall be borne by the Carrier. It is recommended that the transmission loss rate for natural gas to be adopted for those natural gas pipelines transferred to
the Carrier from the Shipper should be close to the actual loss rate incurred in actual operation during the three years immediately prior to handover of such pipelines to the Carrier. 

10.5 The quality of refined products entering the pipelines shall comply with the sequential transportation requirements and the line entry
quality standard agreed between the parties, and the refined products for offtake shall comply with the applicable national standards. The crude oil for offtake shall be substantially consistent with the quality of the crude oil entered the
pipeline. And natural gas transported through pipelines shall comply with the transmission and distribution quality requirements, and the parties shall work with each other to promote the measurement of natural gas transported through pipelines by
caloric value. 

  
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 10.6 The pipeline transportation, gas storage, and LNG gasification services shall be priced
in accordance with the applicable pricing policies currently in effect, which consist of such three types as government-guiding prices, agreed prices and negotiated prices. The parties agree that, subject to applicable national natural gas pipeline
transportation pricing policies, the natural gas pipeline transportation fee shall be settled at the freight rate adopted in asset appraisal. For those pipelines crossing provinces appraised by the income approach shall be adjusted based on the
impact of changes in turnover volume (=Pipeline transportation volume × Average transportation distance) on the freight rate. 
 10.7
The parties agree that the settlement period for pipeline transportation fee shall be seven to ten days. The pipeline transportation fee for refined products and natural gas shall be paid by following the existing methods. The pipeline
transportation fee for crude oil shall be paid by using the agency collection and payment method. In the event that either party raises a dispute over any metering data, settlement bill or invoice, the part of the pipeline transportation fee that is
not subject to dispute shall be paid first, with the remaining amount of pipeline transportation fee to be paid after the dispute is eliminated. 

11. Overhaul and Maintenance of Production Equipment and Facilities 

11.1 Planned Overhaul and Maintenance  

11.1.1 Both parties shall schedule window periods for planned overhaul and maintenance in line with the overhaul and maintenance needs, and
strive to synchronize the overhaul and maintenance of upstream, midstream and downstream operations. In the course of actual operation, the overhaul and maintenance shall be arranged by following the principle of “annual negotiation, quarterly
confirmation and monthly implementation”. The parties shall work with each other to make the planned inspection and maintenance more seriously observed. In the event that the performance of any other contract is adversely affected by the
rescheduling of any planned overhaul and maintenance, such issues such be resolved in accordance with the applicable provisions in relevant contract(s). 

11.1.2 As for crude oil transmission pipelines, the overhaul and maintenance of transnational pipelines and storage tanks shall be
synchronized with that of domestic refineries. Before the Carrier and the applicable foreign party determine any plan to suspend the operation of any international pipeline, the Carrier shall have adequate discussions with the Shipper. The parties
shall jointly formulate the oil gas resource balancing plan for the overhaul and maintenance period of refineries designed to reduce the linepack to the lowest level immediately prior to the commencement of the overhaul and maintenance and increase
the pipeline transportation capacity to the highest level during the overhaul and maintenance period. 
 11.1.3 As for refined product
transmission pipelines, the overhaul and maintenance of pipelines and refineries shall be synchronized. The parties shall jointly formulate the pipeline refined product stock balancing plan for the overhaul and maintenance period of pipelines and
refineries so as to secure a steady supply of resources. 
 11.1.4 As for natural gas transmission pipelines, the overhaul and maintenance
of cross-border pipelines, domestic pipelines and domestic gas fields shall be synchronized. The window periods for centralized overhaul and maintenance of domestic pipelines and large gas fields shall be May and September each year. In anticipation
of such overhaul and maintenance, the parties shall formulate the resource balancing plan in advance, and strive to synchronize the overhaul of natural gas pipelines, gas storage depots and downstream users. 

  
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 11.2 Temporary Overhaul and Maintenance 

11.2.1 Any unplanned overhaul and maintenance operation shall be temporary overhaul and maintenance. The parties shall conduct any temporary
overhaul and maintenance by adhering to the “who raises the temporary overhaul and maintenance request, who shall bear the responsibility” principle and on the precondition that the production and operation of the other party will not be
disrupted to the extent possible. In the event that any temporary overhaul and maintenance of either party causes material losses to the other party, the party who is obligated to bear the responsibility as determined above shall assume
corresponding liability for compensation, as specified in further detail in the relevant contract. 
 11.2.2 When the Carrier needs to carry
out a temporary overhaul and maintenance, and such overhaul and maintenance may have an adverse effect on the upstream receiving capacity or downstream offtake capacity, the Oil and Gas Control Center of the Carrier shall notify as first priority
the Production and Operation Command Center of the Shipper of the relevant information regarding such overhaul and maintenance, together with assessment and explanation of the possible consequences, in response to which, the Production and Operation
Command Center of the Shipper shall coordinate with applicable subordinate enterprises to make adjustment to operations accordingly. 

11.2.3 When any related resource supplier of the Shipper or any of the Shipper’s owned storage or transportation facilities conducts any
temporary overhaul and maintenance, Production and Operation Command Center of the Shipper shall notify as first priority the Oil and Gas Control Center of the Carrier of the information regarding such overhaul and maintenance, in case of which, the
Production and Operation Command Center of the Shipper shall coordinate with applicable subordinate enterprises to make corresponding adjustments to operations and make corresponding arrangements for or changes to the intraday capacity nomination
schedule. 
 12. Operation Emergency Response Coordination 

12.1 The Production and Operation Command Center of the Shipper and the Oil and Gas Control Center of the Carrier shall establish a joint
emergency response mechanism. The parties shall assist each other in the preparation of the emergency plan in accordance with the emergency response regulations of the State for oil/gas pipelines. Before the establishment of the Production and
Operation Command Center of the Shipper, the Production and Operation Management Department of the Shipper shall take the lead, and the Shipper’s relevant specialized branches shall be specifically responsible for working with the Oil and Gas
Control Center of the Carrier to establish the joint emergency response mechanism during the transitional period. 
 12.2 The production and
operation emergencies mainly include: overall imbalance between supply and demand due to abnormality of resources, local imbalance between supply and demand due to abnormality of pipeline storage and transportation facilities, and overall imbalance
between supply and demand due to abnormality of the demand side under extreme weather (or national intervention). The definition of emergency shall be jointly determined by the parties by referring to the emergency plans of the Shipper’s
specialized branches adopted under the existing operation model and by taking into consideration the status of production and operation. 

  
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 12.3 In the event that any temporary pipeline operation or temporary adjustment of pipeline
transportation volume becomes necessary in response to production and operation emergency, the operator of such operation or adjustment shall, pursuant to the relevant agreement and by following the relevant procedures, submit a an application
therefor in a timely fashion. After having reached agreement through consultations, the parties shall determine the proposed adjustment(s) and then organize the implementation of such adjustment(s). 

12.4 In case of any abnormality of any oil and gas resources or storage and transportation facilities of the Shipper, after the operator of
such resources or facilities makes an application by following relevant procedures, the Oil and Gas Control Center of the Carrier will adjust the pipeline transportation volume accordingly. When the Shipper arranges any on-site maintenance and repair in response to such abnormality, the Production and Operation Command Center of the Shipper shall update regularly the Oil and Gas Control Center of the Carrier on the progress of such
emergency maintenance and repair. 
 12.5 In the event that any abnormity of any oil/gas pipeline of the Carrier results in any production
cut by any oil/gas field or has an adverse effect on resource importation or downstream sales, the Production and Operation Command Center of the Shipper shall adjust the production, supply, storage and marketing of upstream and downstream
resources. When the Carrier arranges any on-site emergency maintenance and repair in response to such abnormality, the Oil and Gas Control Center of the Carrier shall update regularly the Production and
Operation Command Center of the Shipper on the progress of such emergency maintenance and repair. 
 12.6 In case of emergency, the regional
companies of the parties shall interface with each other in the same way as currently conducted, and the party who conducts any operation in response to such emergency shall be obligated to keep the other party updated of the progress in the on-site emergency maintenance and repair. 
 12.7 Unless arising from force majeure, in case of any
interruption in pipeline operation, any pipeline operating under a pressure lower than the design pressure for a long time, failure of any LNG receiving station to conduct the receiving and unloading of LNG or external transportation of gasified
LNG, failure of any gas storage depot to allow gas injection or withdrawal, or abnormality of any oil/gas storage and transportation facilities, which is attributable to any reason on the part of the Carrier, and results in any production cut by any
oil/gas field, default in resource importation, default under any downstream sales contract, failure to fulfill any plan, or disruption to the normal operation of any of the Shipper’s oil/gas storage and transportation facilities or otherwise,
and in in turn causes economic losses to the Shipper, the Carrier shall assume corresponding liability for breach, as specified in further detail in the applicable individual agreement. 

  
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 12.8 Unless arising from force majeure, in case the Carrier suffers any pipe pressure
buildup, breakage, condensation or explosion or equipment failure, which is attributable to any reason on the part of the Shipper, and disrupts the normal operation of any oil/gas storage and transportation facilities, and results in a default by
the Carrier under any pipeline capacity order, or default by the Carrier under any shipping contract with any other party, etc., and in turn causes any economic loss to the Carrier, the Shipper shall assume corresponding liability for breach, as
specified in further detail in the applicable individual agreement 
 13. Data Sharing 

13.1 The Carrier shall agree to share with the Shipper the operational data of the Shipper’s delivery points and the related main oil/gas
pipelines, gas storage depots and LNG receiving stations in the vicinity, including the operational parameters of the related oil/gas fields, gas entry points at the first station of the relevant international pipelines and offtake unloading points
along the downstream lines as well as such parameters as linepack, tank stock and interface location of each batch of oil products. 
 13.2
The Shipper shall agree to share with the Carrier the operational data of the Carrier’s delivery points and the related main oil/gas pipelines, gas storage depots and LNG receiving stations in the vicinity, including the operational parameters
of the last station of the upstream section before the oil or gas entering the pipeline network, the operational parameters of the first station of the downstream section of the branch line owned by the Shipper extending from the national trunk line
network as well as such parameters as linepack and tank stock. 
 13.3 The parties shall transmit the relevant data on a real-time basis
through self-built or leased dedicated information channels, as specified in further detail in the applicable service agreement. 
 14.
Miscellaneous 
 14.1 The Shipper shall invite the Carrier to attend the operation coordination meetings for Central Asia, China-Myanmar
and other oil/gas pipelines in which by PetroChina participates, and establish the internal signing and confirmation mechanism for the Chinese party, so as to ensure the consistency between Chinese party’s plans and foreign party’s plans
and consistency between internal plans and external plans. 
 14.2 During the transitional period after the completion of the handover of
relevant assets from the Shipper to the Carrier and before the establishment of the Production and Operation Command Center of the Shipper, the Shipper may entrust the Oil and Gas Control Center of the Carrier to manage its intraday capacity
nomination schedule and other similar matters for the entry of upstream natural gas resources into the larger pipe network. To that end, the parties may sign a separate agreement. 

14.3 Based on the principles and mechanisms determined in this Agreement, the parties and/or their subordinate enterprises will negotiate on
and enter into five individual service agreements (contracts) in respect of the use of crude oil, refined product, natural gas pipeline transportation facilities and gas storage depots and LNG receiving stations. 

  
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 14.4 Each party shall be obligated to keep confidential this Agreement and any and all the
information related to the other party obtained by such party in connection with the performance of this Agreement, including but not limited to trade secrets such as development strategies, planning and deployment, investment projects and
production and operation, and other non-public information. To the extent necessary, the parties may enter into a supplemental agreement for this purpose, and such supplemental agreement so entered shall have
the same effect as this Agreement. 
 14.5 Any and all disputes arising from this Agreement shall be resolved by the parties through
friendly negotiations. Any such dispute shall be resolved by the relevant grassroots entities or regional companies of the parties as soon as practicable within 15 days. In case the parties fail to reach an agreement on any such dispute through
negotiations after expiration of such 15 day-period, the parties shall submit such dispute to their respective headquarters for resolution through negotiations, or apply to the competent governmental authority
for resolution through reconciliation. 
 14.6 In case of any change in any relevant policy or law or regulation or enactment of any new
legislation which is inconsistent with any provision hereof during the period when this Agreement is under performance, the parties shall negotiate with each other and enter into a written supplementary agreement. 

14.7 This Agreement shall take effect after being signed by and affixed with the seals of both parties, and shall be renegotiated and amended
every three years. In case of any change in any national industrial policy or in the actual operational status, the parties shall negotiate with each other and amend this Agreement accordingly in a timely manner. This Agreement shall be executed in
12 counterparts with equal legal force, six for each party. 
 [End of text. Signature pages follow]. 

  
 13 

 In witness whereof, the Parties have signed this Production and Operation Agreement on the date first
written above. 
  

					
	China Oil&Gas Pipeline Network Corporation	 		 	PetroChina Company Limited
			
	(Company Seal)	 		 	(Company Seal)
			
	Signed by:	 		 	Signed by:
	 /s/
	 		 	 /s/

	Legal or authorized representative	 		 	Legal or authorized representative
			
	Date: July 23, 2020	 		 	Date: July 23, 2020

  
 14EX-4.20

 Exhibit 4.20 

Kunlun Energy Company Limited 

and 
 China Oil&Gas
Pipeline Network Corporation 
  
  

 
 Equity Transfer Agreement in
respect of PetroChina Beijing Gas Pipeline Co., Ltd. 
 and PetroChina Dalian LNG Co., Ltd. 

 
  

 
 December 2020 

Beijing 

 Table of Contents 
  

							
	1.	  	 DEFINITIONS AND INTERPRETATION 
	  	 	1	 
	2.	  	 TRANSACTIONARRANGEMENT AND
CONSIDERATION
	  	 	5	 
	3.	  	PROFITS AND LOSSES DURING THE TRANSITIONAL PERIOD AND ADJUSTMENTS FOR
EVENTS AFTER BASE DATE	  	 	6	 
	4.	  	CONDITIONS PRECEDENT TO CLOSING	  	 	7	 
	5.	  	CLOSING ARRANGEMENT	  	 	8	 
	6.	  	HANDOVER ARRANGEMENT	  	 	9	 
	7.	  	REPRESENTATIONS AND WARRANTIES OF KUNLUN ENERGY	  	 	10	 
	8.	  	REPRESENTATIONS AND WARRANTIES OF PIPECHINA	  	 	12	 
	9.	  	LIABILITY FOR BREACH	  	 	13	 
	10.	  	ANNOUNCEMENTS OF TRANSACTION INFORMATION	  	 	13	 
	11.	  	CONFIDENTIALITY	  	 	14	 
	12.	  	NO ASSIGNMENT	  	 	15	 
	13.	  	FURTHER ASSURANCE	  	 	15	 
	14.	  	TAXES AND EXPENSES	  	 	15	 
	15.	  	NOTICE	  	 	16	 
	16.	  	WAIVERS, RIGHTS AND REMEDIES	  	 	17	 
	17.	  	EFFECTIVENESS AND AMENDMENTS	  	 	17	 
	18.	  	GOVERNING LAW AND DISPUTE RESOLUTION	  	 	17	 
	19.	  	FORCE MAJEURE	  	 	18	 
	20.	  	MISCELLANEOUS	  	 	19	 

 This Equity Transfer Agreement in respect of PetroChina Beijing Gas Pipeline Co., Ltd. and
PetroChina Dalian LNG Co., Ltd. (this “Agreement”) is entered into by and between the following parties in Beijing, the People’s Republic of China (hereinafter referred to as “China” or the “PRC”) in
December 2020: 
 Kunlun Energy Company Limited (“Kunlun Energy”)  

Contact Address: 39th Floor, 118 Connaught Road West, Hong Kong 

China Oil&Gas Pipeline Network Corporation ( “PipeChina”) 

Contact Address: Rooms 08-10, Floor 6, Building A, 5 Dongtucheng Road, Chaoyang District, Beijing 

For purposes of this Agreement, each of the parties hereto shall hereinafter be referred to individually as a “Party”, and
collectively as the “Parties”. 
 Whereas: 
  

	 	1.	 Kunlun Energy, an integrated energy player, is a company incorporated in Bermuda and listed on the Main Board
of the Stock Exchange of Hong Kong Limited (the “SEHK”) under Stock Code: 00135.HK. 

  

	 	2.	 PipeChina is a limited liability company duly established and validly existing under PRC Laws (for purposes of
this Agreement, excluding the laws and regulation of Hong Kong Special Administrative Region, the Macau Special Administrative Region and China Taiwan region). 

 

	 	3.	 PetroChina Beijing Gas Pipeline Co., Ltd. and PetroChina Dalian LNG Co., Ltd. (collectively, the “Target
Companies”) are both limited liability companies duly established and validly existing under PRC Laws, and are currently 60% owned and 75% owned by Kunlun Energy respectively. 

 

	 	4.	 On the terms and conditions set forth in this Agreement, PipeChina intends to purchase from Kunlun Energy, and
Kunlun Energy intends to sell to PipeChina, all of Kunlun Energy’s equity interests in both Target Companies (this “Transaction”). 

NOW, THEREFORE, pursuant to applicable provisions in the Company Law of the People’s Republic of China and the Contract Law of
the People’s Republic of China, the Parties enter into this Agreement as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 For purposes of this Agreement, unless otherwise specified, the following terms shall have the meanings set
forth below: 

  

					
			
	 “Kunlun Energy”
	  	means	  	Kunlun Energy Company Limited.
			
	 “PipeChina”
	  	means	  	China Oil&Gas Pipeline Network Corporation.

  
 1 

					
			
	 “Target Companies”
	  	means	  	collectively PetroChina Beijing Gas Pipeline Co., Ltd. and PetroChina Dalian LNG Co., Ltd., and “Target Company” means either of them.
			
	 “Target Equity”
	  	means	  	the 60% equity interests in PetroChina Beijing Gas Pipeline Co., Ltd. and the 75% equity interests in PetroChina Dalian LNG Co., Ltd. owned by Kunlun Energy.
			
	 this “Transaction”
	  	means	  	the transaction contemplated by this Agreement through which PipeChina will purchase from Kunlun Energy for a cash consideration the Target Equity in accordance with the terms and conditions set forth in this Agreement.
			
	 “Transaction

Consideration”
	  	means	  	the amount of the consideration payable by PipeChina to Kunlun Energy for PipeChina’s acquisition of the Target Equity.
			
	 “Signing Date”
	  	means	  	the date on which this Agreement is affixed with the signature of the legal or authorised representative and the company seal of each Party.
			
	 “Base Date”
	  	means	  	December 31, 2019, being the reference date selected by the Parties for the audit and appraisal of the Target Equity performed to determine the price of the Target Equity.
			
	 “Closing”
	  	means	  	the closing of the sale and purchase of the Target Equity in accordance with Article 5 of this Agreement.
			
	 “Closing Date”
	  	means	  	March 31, 2021, or any other date otherwise agreed between the Parties for the holding of the Closing.
			
	 “Transitional Period”
	  	means	  	the period from the Base Date (excluding the very date) to the Closing Date (including the very date).
			
	 “Closing Audit”
	  	means	  	the audit to be performed (together with an audit report to be issued) on the Target Companies within 60 days following the Closing Date by an accounting firm acceptable to both parties and possesses qualifications for securities
and futures business practice jointly engaged by the Parties in order to ascertain the profit and loss in respect of the Target Equity during the Transitional Period and the adjustments for subsequent events after the Base Date.
			
	 “Appraiser”
	  	means	  	China United Assets Appraisal Group Co., Ltd.
			
	 “Asset Appraisal Reports”
	  	means	  	collectively the Asset Appraisal Report in respect of the Transaction for the Proposed Transfer by Kunlun Energy Company Limited of its Equity Interests in Beijing Gas Pipeline Co., Ltd. to China Oil&Gas Pipeline Network
Corporation and the Asset Appraisal Report (Reference No.: China United Assets Appraisal Group Limited Appraisal Report Zi [2020] No. 889) in respect of the Transaction for the Proposed Transfer by Kunlun
Energy Company Limited of its Equity Interests in Dalian LNG Co., Ltd. to China Oil&Gas Pipeline Network Corporation Report (Reference No.: China United Assets Appraisal Group Limited Appraisal Report Zi [2020]
No. 889) prepared by the Appraiser in respect of the entire owner’s equity in each of the Target Companies by adopting December 31, 2021 as the Base Date.

  
 2 

					
			
	 “Appraised Assets”
	  	means	  	the assets listed in the appraised asset breakdown tables contained in the Asset Appraisal Reports.
			
	 “Transaction Documents”
	  	means	  	this Agreement and any and all the supplementary agreements executed from time to time, the Asset Appraisal Reports (including the breakdown tables of the Appraised Assets).
			
	 “Representative”
	  	means	  	with respect to either Party and/or its respective Affiliates, any director, senior officer, employee, agent, consultant, accountant and legal advisor of such Party or an Affiliate thereof.
			
	 “Fixed Asset Conversion”
	  	means	  	the fact that the constructions in progress are completed, have passed the completion acceptance test and have been put into use, and are converted into fixed assets on a Target Company’s accounts.
			
	 “Affiliate”
	  	means	  	with respect to either Party, any entity which is controlled by such Party or upon which such Party has a significant influence, or the actual controlling person of such Party, or any entity which is controlled by the actual
controlling person of such Party from time to time.
			
	 “IP Rights”
	  	means	  	patents, trademarks, service marks, company logos, tradenames, domain names, design rights, copyrights (including but not limited to computer software copyrights) and database rights, mask work rights, utility models, industrial
design rights, inventions, know-hows and any other intellectual property ( whether or not registered), and any other rights or forms of protection that have the same or similar effect in any jurisdiction in the world, and the term
“registration” includes registrations and applications for registration.
			
	 “Liabilities”
	  	means	  	any and all the debts, liabilities and obligations of any nature, whether arising from contracts, laws or otherwise, whether present or future, actual or contingent, determined or nondetermined, whether owed or incurred solely or
jointly with any other person as an obligor or guarantor.
			
	 “Taxes”
	  	means	  	(a) taxes imposed with respect to gross or net receipts, profits and income, and (b) any other taxes, levies, customs duties, import taxes, fees and withholding taxes (if applicable) of any nature, including any excise tax,
value added tax and additional tax, corporate income tax, individual income tax (if applicable), real property tax, land value added tax, deed tax, cultivated land usage tax, urban land use tax, environmental protection tax, stamp duty, etc., or
withholdings of any nature, in each case, including any relevant fine, penalty, late payment penalty and interest.
			
	 “Material Adverse Effect” or “Material Adverse Change”
	  	means	  	any event / change that causes an actual loss to the Target Equity and relevant business as a whole in excess of 10% of the Transaction Consideration.
			
	 “Material Loss”
	  	means	  	an actual loss in excess of 5% of the Transaction Consideration suffered by the Target Equity and relevant business as a whole.

  
 3 

					
	“Force Majeure”	  	means	  	an objective circumstance unforeseeable, unavoidable and insurmountable, including act of God, such as earthquake, typhoon, flood or rainstorm (as evidenced by the information published by the local government or meteorological
authority), fire, war, epidemic outbreak (including COVID-19 pandemic), act of government, or any change in law, or promulgation of any law, etc., the occurrence of which would have a direct effect on the
performance of this Agreement or render it impossible to perform this Agreement in accordance with the agreed conditions.
			
	“Internal Restructuring”	  	means	  	the restructuring that Kunlun Energy (including any person (other than the Target Companies) controlled or actually controlled by it) proposes to implement in order to acquire the relevant assets of Beijing Zhongyou Huiyuan Gas
Technology Development Co., Ltd. (a subsidiary of Beijing Gas Pipeline Co., Ltd.).
			
	“PRC” or “China”	  	means	  	the People’s Republic of China, for purposes of this Agreement, excluding the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan.
			
	“PRC Laws”	  	means	  	the laws of the People’s Republic of China, which for purposes of this Agreement, exclude the laws and regulations of the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan.
			
	“Day”	  	means	  	a calendar day, unless otherwise indicated; provided however, that where a deadline agreed herein falls on a Day that is not a Business Day, the deadline shall be extended to the first Business Day after such Day, and unless
otherwise specified, references to “before a Day” shall include such Day itself, while references to “after a Day” shall not include such Day.
			
	“Business Day”	  	means	  	any statutory working day other than Saturday, Sunday and statutory holidays.
			
	“Month”	  	means	  	a calendar month.
			
	“RMB”	  	means	  	Renminbi Yuan.

  

	1.2	 Interpretation. For purposes of this Agreement, unless otherwise specified, 

 

	 	(1)	 Any reference herein to any law or regulation or any provision thereof shall include the references to any and
all the interpretations, amendments and supplements of such law, regulation or provision, as well as any and all the relevant laws and regulations newly promulgated as successors thereof or any and all the relevant supporting or subsidiary
legislations thereof; 

  

	 	(2)	 Headings used in this Agreement are for convenience only, and shall not in any way affect the interpretation of
the meaning of this Agreement; 

  

	 	(3)	 For the purpose of denominating any monetary value in RMB, all amounts denominated in other currencies shall be
deemed to have been converted into their RMB equivalents at the exchange rates on the relevant dates; and 

  
 4 

	 	(4)	 Laws and regulations shall include statutes, administrative regulations, administrative rules and local
regulations, except as otherwise specified in this Agreement. Any specific reference to any law (including any law of any jurisdiction) shall include (a) such law or regulation, as amended, merged or
re-enacted by or on the basis of any other law or regulation heretofore or hereafter; (b) such law or regulation as re-promulgated, whether or not amended; and
(c) any supporting legislation (including requirement) enacted heretofore or hereafter under such law or regulation as amended, merged or re-enacted as described in (a) or (b) above, unless any event
described in (a) to (c) occurs after the Signing Date and increases or modifies Kunlun Energy’s or PipeChina’s obligations under this Agreement. 

 

	2.	 TRANSACTION ARRANGEMENT AND CONSIDERATION

  

	2.1	 On the terms and conditions set forth in this Agreement, Kunlun Energy intends to transfer to PipeChina, and
PipeChina intends to purchase from Kunlun Energy the Target Equity for a cash consideration. 

  

	2.2	 According to the Asset Appraisal Reports, the appraised value of the Target Equity is equal to
RMB40,885,718,745. And the record-keeping procedures for the appraisal result have already been completed in accordance with applicable PRC Laws and regulations. The Parties agree that the Transaction Consideration shall be determined on the basis
of the appraised value of the Target Equity and subject finally to the profits and losses during the Transitional Period and the adjustments for subsequent events after the Base Date as described in Article 3 herein below. 

 

	2.3	 Both Parties agree that PipeChina shall pay Kunlun Energy the Transaction Consideration in cash in two
instalments as follows: 

  

	 	(1)	 first instalment of Transaction Consideration: Within 20 Days after the Closing Date, PipeChina shall
pay Kunlun Energy 85% of the appraised value of the Target Equity, together with the interest accrued thereon from the date immediately following the Closing Date to the date on which such payment arrives at Kunlun Energy’s designated bank
account to be calculated at the RMB benchmark interest rate for demand deposits adopted by financial institutions during the same period; and 

  

	 	(2)	 second instalment of Transaction Consideration: within 15 Business Days after completion of the Closing
Audit under Section 3.1, PipeChina shall pay the remaining amount of the Transaction Consideration which shall be equal to (i) the Transaction Consideration finally determined minus (ii) the first instalment of Transaction
Consideration paid under (1) above, together with the interest accrued on the remaining amount from the date immediately following the Closing Date to the date on which such payment arrives at Kunlun Energy’s designated bank account to be
calculated at the RMB benchmark interest rate for demand deposits adopted by financial institutions during the same period. In the event that PipeChina fails to complete the foregoing agreed payment within the foregoing agreed time limit due to any
PRC governmental examination and approval process, the payment due time shall be extended accordingly, but in no event for more than 5 Business Days. 

  
 5 

	2.4	 Unless otherwise notified in writing, the details of the bank account to be used by the Parties to receive the
Transaction Consideration, liquidated damages or any other amount, as the case may be, payable by the other Party hereunder shall be as set forth below: 

  

	 	(1)	 Kunlun Energy’s Designated Bank Account Information 

[Bank account information is redacted] 
  

	 	(2)	 PipeChina’s Designated Bank Account Information 

[Bank account information is redacted] 
  

	3.	 PROFITS AND LOSSES DURING THE
TRANSITIONAL PERIOD AND ADJUSTMENTS FOR EVENTS AFTER BASE DATE 

 

	3.1	 Closing Audit. For the purpose of determining the profits and losses of the Target Equity during the
Transitional Period and the adjustments for subsequent events after the Base Date, the Parties agree that, within 60 Days after the Closing Date of the Target Equity, they will jointly engage an accounting firm qualified for securities and futures
business practice and acceptable to both Parties to perform the Closing Audit, with the audit fee to be equally shared between the Parties. 

  

	3.2	 Ownership of the profits and losses during the Transitional Period. PipeChina agrees that, the profits
and losses generated during the Transitional Period attributable to the Target Equity shall belong to Kunlun Energy. Any distributable profits of either Target Company that are declared for distribution during the Transitional Period, if
attributable to the Target Equity, shall not be included into the Transaction Consideration. To the extent that as determined in the Closing Audit any net profits are generated by either Target Company during the Transitional Period or the net asset
value of either Target Company increases as a result of other profits and losses generated during the Transitional Period, PipeChina agrees that Kunlun Energy is entitled to obtain such increased income through dividend distribution by such Target
Company. Resolutions of each Target Company for such dividend distribution shall be declared by the Closing Date (including the very date), and the amount of dividends shall be determined on the basis of the amount of distributable profits
attributable to the Target Equity generated during the Transitional Period as specified in the Closing Audit Report. The dividend payment date shall be no later than 30 Days from the date of completion of the Closing Audit. Any amount of such
increased income that cannot be obtained by Kunlun Energy through dividend shall be included into the Transaction Consideration, and shall be paid no later than the payment of the second instalment of the Transaction Consideration. In the event that
either Target Company suffers a loss or the net asset value of either Target Company decreases as a result of other profits and losses arising during the Transitional Period, Kunlun Energy agrees that PipeChina shall have priority to deduct an
amount equal to such decrease from the unpaid Transaction Consideration. To the extent that the unpaid Transaction Consideration is insufficient to cover such loss or decrease, the shortfall shall be paid by Kunlun Energy to PipeChina in cash no
later than the payment of the second instalment Transaction Consideration. 

  
 6 

	3.3	 Adjustments for subsequent events after the Base Date. Any distributable profits generated by either
Target Company before the Base Date that are declared for declaration during the Transitional Period, if attributable to the Target Equity, shall not be included into the Transaction Consideration. To the extent that as determined in the Closing
Audit, there is a decrease in the net asset value of either Target Company as a result of the adjustments for subsequent events after the Base Date, Kunlun Energy agrees that PipeChina shall have priority to deduct an amount equal to such decrease
from the unpaid Transaction Consideration. To the extent that the unpaid Transaction Consideration cannot cover the decrease, the shortfall shall be paid by Kunlun Energy to PipeChina in cash no later than the payment of the second instalment of the
Transaction Consideration. On the contrary, in the event that as determined in the Closing Audit, there is an increase in the net asset value of either Target Company as a result of the adjustments for subsequent events after the Base Date,
PipeChina agrees that Kunlun Energy is entitled to obtain such increased income through distribution of distributable profits attributable to the Target Equity. The dividend resolution of each Target Company shall be declared by the Closing Date
(including the very date). The dividend payment date shall be no later than 30 Days from the date of completion of the Closing Audit. The amount of dividends declared for distribution during the Transitional Period shall not be included into the
Transaction Consideration. Any amount of such increased income that cannot be obtained by Kunlun Energy through dividend shall be included into the Transaction Consideration, and shall be paid no later than the payment of the second instalment of
the Transaction Consideration. 

  

	4.	 CONDITIONS PRECEDENT TO CLOSING

  

	4.1	 The Parties acknowledge that the closing of the purchase and sale of the Target Equity is subject to
satisfaction of each and all of the following conditions: 

  

	 	(1)	 All the representations, undertakings and warranties made by each Party on the Signing Date are true, accurate,
complete, and free from misleading, false statements and omissions in all material respects as of the Closing Date; 

  

	 	(2)	 Kunlun Energy has approved this Transaction in accordance with its own constitutional documents and the
regulatory requirements of the competent regulatory authorities (including the SEHK); 

  

	 	(3)	 PipeChina has approved this Transaction in accordance with its constitutional documents; 

 

	 	(4)	 Each Target Companies has approved this Transaction in accordance with its constitutional documents;

  

	 	(5)	 All the other shareholders of each Target Company have waived in writing their right of first refusal with
respect to the Target Equity; 

  

	 	(6)	 The concentration of undertakings filing for this Transaction has either been cleared or is not subject to
further review; 

  

	 	(7)	 The Asset Appraisal Reports have been certified and filed for record in accordance with applicable PRC Laws and
regulations; and 

  
 7 

	 	(8)	 All the other approvals, licences, filings and registrations known to be necessary for this Transaction have
been obtained from or completed with the competent governmental authorities in the PRC, Among the foregoing conditions precedent to Closing, those conditions set forth in Items (2), (4), (5) and (7) shall be the responsibility of Kunlun Energy,
the condition set forth in Item (3) shall be the responsibility of PipeChina, and those set forth in Items (1), (6), and (8) shall be the responsibility of both Parties. Other than the condition set forth in Item (1), any of the closing
conditions may not be waived, whether unilaterally or mutually. 

  

	4.2	 Both Parties agree that all conditions precedent set forth in Section 4.1 of this Agreement shall be
satisfied as soon as practicable prior to the Closing Date. If the satisfaction of any conditions precedent applicable to either Party requires the assistance of the other Party, the other Party shall use its best efforts to provide such assistance.
Both Parties shall keep each other posted on matters related to the conditions precedent, and coordinate with each other to solve problems encountered in the process in a timely fashion. After the Signing Date, neither Party may engage in any act
that may hinder or restrict the satisfaction of any condition precedent set forth in Section 4.1 hereof. 

  

	4.3	 If for any reason not attributable to either Party, any of the conditions precedent agreed in Section 4.1
of this Agreement fails to be satisfied and/or waived by March 31, 2021, the Parties shall agree on an extended Closing Date; provided, that where the Parties fail to reach agreement on the extended Closing Date by March 31, 2022, each
Party shall have the right to unilaterally terminate this Agreement in writing on the date immediately thereafter without any liability. 

  

	5.	 CLOSING ARRANGEMENT 

 

	5.1	 Closing date. Both Parties hereby agree that all the rights, obligations, liabilities and risks attached
to the Target Equity will be transferred from Kunlun Energy to PipeChina at 24:00pm on the Closing Date. 

  

	5.2	 Transfer of Target Equity and relevant obligations on the Closing Date. Starting from 24:00pm on the
Closing Date, the Target Equity and relevant business and personnel of the Target Companies will be deemed to have been received and legally owned by PipeChina on an “as is basis”, and all the obligations, responsibilities and risks
related to the Target Equity shall be assumed by PipeChina. Except for the obligations for the handover as explicitly stipulated in this Agreement, from and after 24:00pm on Closing Date, Kunlun Energy will no longer have any obligation,
responsibility or risk related to the Target Equity. 

 In the event that within three years after the Closing Date there
occurs any third party claim or administrative penalty which causes Material Losses to PipeChina as a result of any violation of any applicable rules or regulations committed by Kunlun Energy in its operation and management of either Target Company
or as a result of any major defect existing in the Target Equity in each case prior to the Closing Date, except as disclosed by Kunlun Energy to PipeChina and reflected in the financial accounts, audit reports, or appraisal reports of Kunlun Energy
and/or such Target Company, the Parties shall resolve the issue through amicable consultations. 

  
 8 

	5.3	 Notwithstanding the foregoing, both Parties agree that the consummation of this Transaction shall not change
the independent legal person status of either Target Company, and the creditor’s rights, debts, business, employment matters, and contracts of either Target Company shall continue to be enjoyed, borne and performed by such Target Companies
under PipeChina’s centralized management. Both Parties agree that the handover and management of the employees and related personnel of the Target Companies shall be implemented by adhering to the principle of “people follow assets
(business)”. 

  

	5.4	 Should any assets of either Target Company bear such trademarks or logos as
“昆仑能源”, “Kunlun Energy” , “中石油”, “中国石油”, “PetroChina”, any use by PipeChina of any such trademark or logo after its
receipt of the Target Equity and prior to the removal of such trademarks or logos from such assets, shall not be deemed an infringement of any relevant IP Rights or goodwill of Kunlun Energy; provided however, that PipeChina shall remove the
foregoing relevant trademarks and logos within 6 months after the Closing Date, unless otherwise agreed in this Agreement. For the avoidance of doubt, from and after 24:00pm on the Closing Date, any legal liability (including but not limited to
liability for tort) incurred by either Target Company arising from the bearing of any such trademarks or logos as “昆仑能源”, “Kunlun Energy” or
“中石油”,“中国石油”,“PetroChina”, shall be borne by PipeChina. 

  

	5.5	 On the Signing Date, Kunlun Energy is still in the process of undertaking the Internal Restructuring of
relevant assets of Beijing Zhongyou Huiyuan Gas Technology Development Co., Ltd. (a subsidiary of Beijing Gas Pipeline Co., Ltd.) which is expressly excluded from this Transaction as agreed between the Parties. Both Parties agree and acknowledge
that Kunlun Energy shall make reasonable best efforts to complete the Internal Restructuring prior to the Closing Date and transfer the Target Equity to PipeChina in accordance with this Agreement. Kunlun Energy undertakes that other than as a
result of the Internal Restructuring under this Article, it will not take any action to change the scope of the Appraised Assets of either Target Company. 

It is acknowledged that any net profit arising from any transfer or divestiture by Kulun Energy of any Appraised Assets during the Transitional
Period shall not be included into the profits and loss generated during the Transitional Period. 
  

	6.	 HANDOVER ARRANGEMENT 

 

	6.1	 Both Parties agree to cooperate with each other and assist each other in the preparatory work for the handover
of the Target Equity, and work with each other to undertake the handover of the Target Equity starting from 24:00pm on the Closing Date. 

  

	6.2	 The Parties shall coordinate with each other to assist the Target Companies to complete, no later than 60 Days
after the Closing Date, the procedures necessary for the amended business registration of the Target Companies to reflect the transfer of the Target Equity, including but not limited to completing the shareholder change registration and
record-keeping filing of the amendments to the articles of association, and replacement of directors, supervisors, and senior management members and company name change (in particular, by removing such words as “PetroChina” or any
variation thereof from the names of the Target Companies) with the competent administration for market regulation. The receipt of the new business licenses of both Target Companies shall constitute full satisfaction by both Parties of their
obligations for the handover of the Target Equity hereunder. 

  
 9 

	6.3	 Both Parties agree to cooperate with each other and make their reasonable efforts to prepare, deliver and
submit all necessary documents in a timely manner so as to complete all the necessary applications, notifications, requests, record-keeping filings and other submissions, and to obtain as soon as practicable from all third parties and governmental
authorities any and all the necessary or applicable licenses, consents, approvals and authorizations required for this Transaction. For the avoidance of doubt, PipeChina shall lead and be responsible for the concentration of undertakings filing for
this Transaction and Kunlun Energy shall render necessary assistance therein. 

  

	6.4	 Kunlun Energy shall facilitate to the fullest extent PipeChina’s check and takeover of the assets,
liabilities, business and the personnel of each Target Company, including subject to prior reasonable notice to Kunlun Energy and the applicable Target Company permitting the Representatives of PipeChina to access the entities and premises managed
and used by such Target Company, and furnishing PipeChina with all the necessary information, materials and assistance. 

  

	6.5	 In order to ensure the smooth handover, operation and management of the assets, liabilities, business and the
personnel of each Target Company as well as the normal operation of the business that depends on either Target Company so as to maintain the service quality and avoid any Material Adverse Effect on the existing production and operation procedures of
either Party, Kunlun Energy agrees that prior to the completion of handover it will participate in the operation and management of each Target Company in a way consistent with past practice in accordance with applicable laws and regulations and the
articles of association of each Target Company. 

  

	7.	 REPRESENTATIONS AND WARRANTIES OF
KUNLUN ENERGY 

 Kunlun Energy represents and warrants to PipeChina that, as of the Signing Date and the
Closing Date, and prior to the handover of the Target Equity, subject to such exceptions as are disclosed in the Transaction Documents: 
  

	7.1	 Kunlun Energy has the right, power and capacity to enter into and perform this Agreement and all obligations
and responsibilities hereunder, and Kunlun Energy’s execution and performance of this Agreement will not conflict with or result in a violation of: 

  

	 	(1)	 any applicable provisions in any of Kunlun Energy’s constitutional documents or any other relevant
documents or in any law, regulation or rule applicable to Kunlun Energy; 

  

	 	(2)	 any order, judgement or decree issued by any court, governmental authority or regulatory authority prior to the
execution of this Agreement; or 

  
 10 

	 	(3)	 the completion by Kunlun Energy prior to the Closing Date of any necessary procedures as required by any
applicable law and/or any agreement or document binding upon Kunlun Energy, except to the extent that Kunlun Energy’s failure to so complete any such procedures will not have a Material Adverse Effect on PipeChina’s operation of either
Target Company; 

  

	7.2	 Except as otherwise specified in this Agreement, Kunlun Energy has obtained, or if not yet obtained, will make
every possible endeavor to obtain, all the licenses, authorizations and approvals necessary for Kunlun Energy’s execution and performance of this Agreement as required by applicable laws and regulations currently in effect. All such licenses,
authorizations and approvals so obtained by Kunlun Energy in order to ensure the effectuation of this Agreement are legal and effective, and not subject to any situation that may render any of them to be revoked, suspended or terminated hereafter.

  

	7.3	 Any and all the materials related to the Target Equity provided by Kunlun Energy to PipeChina or any of its
Representatives and consultants are true, accurate and complete in material aspects, and free from false statements, material omissions and misleading statements in material aspects. 

 

	7.4	 Kunlun Energy has the legal ownership of and/or disposal rights to and in the Target Equity under this
Transaction. Kunlun Energy has satisfied in accordance with applicable laws its capital contribution obligations towards each Target Company, without any false capital contribution or surreptitious withdrawal of capital contribution, and neither of
the Target Companies is subject to any undisclosed pledge, freeze, any other encumbrance or security interest. 

  

	7.5	 Kunlun Energy will complete the Closing and handover of the Target Equity as soon as possible in accordance
with the terms and conditions set forth in this Agreement. 

  

	7.6	 Prior to the completion of handover of the Target Equity, other than the Internal Restructuring to be
undertaken in accordance with Section 5.5 and any normal provisions for depreciation, amortization, depletion and scrapping, collection of receivables, repayment of debts falling due, Fixed Asset Conversion of constructions in progress, and
other normal disposals by either Target Company in the ordinary course of business, Kunlun Energy covenants that it will not make any decision on the taking of any of the following actions, including to make any major adjustments to any assets or
business of either Target Company, grant any third party guarantee on the Target Equity, make any major business change or adjustment to the principal business activities concerning either Target Company, make any major adjustments to any accounting
policies concerning either Target Company other than as required by applicable laws and regulations, or take any other action that may have a Material Adverse Effect on the normal operation of either Target Company. 

If any unforeseeable situation occurs to Kunlun Energy between the Signing Date and the Closing Date, which may cause any representation, warranty or covenant
made by Kunlun Energy herein to be untrue, inaccurate or misleading in any material aspect, Kunlun Energy will notify PipeChina in writing within 15 Days from the date of such occurrence. 

  
 11 

	8.	 REPRESENTATIONS AND WARRANTIES OF
PIPECHINA 

 PipeChina represents and warrants to Kunlun Energy that, as of the Signing Date and the
Closing Date, and prior to the handover of the Target Equity, subject to such exceptions as are disclosed in the Transaction Documents: 
  

	8.1	 PipeChina has the right, power and capacity to enter into and perform this Agreement and all obligations and
responsibilities hereunder, and PipeChina’s execution and performance of this Agreement will not conflict with or result in a violation of: 

  

	 	(1)	 any applicable provisions in any of PipeChina’s constitutional documents or any other relevant documents
or in any law, regulation or rule applicable to PipeChina; 

  

	 	(2)	 any order, judgement or decree issued by any court, governmental authority or regulatory authority prior to the
execution of this Agreement; or 

  

	 	(3)	 the completion by PipeChina prior to the Closing Date of any necessary procedures as required by any applicable
law and/or any agreement or document binding upon PipeChina. 

  

	8.2	 Except as otherwise specified in this Agreement, PipeChina has obtained, or if not yet obtained, will make
every possible endeavor to obtain, all the licenses, authorizations and approvals necessary for PipeChina’s execution and performance of this Agreement as required by applicable laws and regulations currently in effect. All such licenses,
authorizations and approvals so obtained by PipeChina in order to ensure the effectuation of this Agreement are legal and effective, and not subject to any situation that may render any of them to be revoked, suspended or terminated hereafter.

  

	8.3	 Any and all the materials related to the Target Equity provided by PipeChina to Kunlun Energy or any of its
Representatives and consultants are true, accurate and complete in material aspects, and free from false statements, material omissions and misleading statements in material aspects. 

 

	8.4	 PipeChina will pay the Transaction Consideration in accordance with the terms and conditions set forth in this
Agreement so as to complete the Closing and handover of the Target Equity as soon as possible. 

  

	8.5	 PipeChina warrants that after the handover of the Target Equity, the business operation of the Target Companies
will remain normal and the quality of the services provided by the Target Companies will not be lower than the current level. PipeChina undertakes that after the handover of the Target Equity, it shall not take any material adverse action or allow
any material adverse nonaction that may adversely affect Kunlun Energy’s continuous normal use of any equipment or facilities of either Target Company in its production or operation. 

If any unforeseeable situation occurs to PipeChina between the Signing Date and the Closing Date, which may cause any representation, warranty or covenant
made by PipeChina herein to be untrue, inaccurate or misleading in any material aspect, PipeChina will notify Kunlun Energy in writing within 15 Days from the date of such occurrence. 

  
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	9.	 LIABILITY FOR BREACH 

 

	9.1	 In the event that either Party makes any representation and/or warranty in this Agreement which is untrue,
inaccurate or incomplete in any material aspect or contains any misstatement, omission or misleading statement in any material aspect, or that either Party violates any of its undertakings under this Agreement, or violates any provision of this
Agreement, it shall be deemed that such Party has breached this Agreement, in which case, the breaching Party shall indemnify the non-breaching Party against any loss arising therefrom. 

 

	9.2	 If Kunlun Energy fails to complete any amended business registration with the competent administrations for
market regulation for either Target Company as scheduled herein and required hereby, for each Day on which any such registration remains overdue, Kunlun Energy shall pay PipeChina liquidated damages equal to 0.05% of the amount paid by PipeChina by
then hereunder, other than any failure not attributable to the fault of Kunlun Energy, including any failure as a result of Force Majeure or any delay attributable to PipeChina or for any reason on the part of any third party. 

 

	9.3	 If PipeChina fails to pay the Transaction Consideration in accordance with this Agreement, for each Day on
which any amount of the Transaction Consideration remains overdue, PipeChina shall pay Kunlun Energy liquidated damages equal to 0.05% of such amount, other than any failure not attributable to the fault of PipeChina, such as any failure as a result
of Force Majeure or for any reason on the part of Kunlun Energy or any third party. 

  

	10.	 ANNOUNCEMENTS OF TRANSACTION INFORMATION

  

	10.1	 Either Party (including any of its Affiliates) shall not, without the other Party’s prior consent (which
may not be unreasonably withheld or delayed), publish in any form any information in relation to the existence or main contents of this Agreement or any other Transaction Agreement. 

 

	10.2	 The restrictions under the preceding section shall not apply in case either Party is required to publish a
notice, announcement or circular in relation to any restricted information specified in the preceding section by any law, or applicable listing rule, or any competent stock exchange or any other competent regulatory or supervisory authority or
department (whether or not such requirement has the force of law), in case of which, the publishing Party shall, prior to such publication, provide the form, contents and timing of such notice, announcement or circular to the other Party, and the
other Party shall promptly communicate with the publishing Party and provide written feedback if it has any substantive comments thereon. 

  
 13 

	11.	 CONFIDENTIALITY 

 

	11.1	 Any information possessed and provided by either Party (in this case, the “Disclosing Party”) to the
other Party (in this case, the “Receiving Party”) , including but not limited to, any data relating to the Target Equity, or any information relating to the terms of or negotiations on this Agreement or any other Transaction Document (the
“Confidential Information”) shall be used by the Receiving Party or its personnel for the purpose of this Agreement only. Unless otherwise specified herein, without prior written consent of the Disclosing Party, neither the Receiving Party
nor its personnel to whom any Confidential Information is made known may provide, disclose or transfer, or license to any Third Party, or advise any Third Party in reliance on, in any form, whether directly or indirectly, any Confidential
Information provided by the Disclosing Party. For purposes of this Article, the term “Third Party” means any natural person, legal person, or any other entity other than the Parties to this Agreement, but excluding any Affiliate of either
Party. 

  

	11.2	 Any Confidential Information furnished or disclosed by the Disclosing Party to the Receiving Party may not be
disclosed to any person other than to designated employees of the Receiving Party to the extent necessary for the performance of this Agreement; provided, that the Receiving Party may not disclose any Confidential Information to any of its employees
until after it has taken all reasonable protective measures, including without limitation, to inform such employees of the confidential nature of the information to be disclosed, and to cause such employees to make confidentiality undertakings no
less strict than the confidentiality obligations hereunder so as to prevent any such employee from using any Confidential Information for personal benefits or making any unauthorized disclosure to any Third Party. Any breach by any employee of the
Receiving Party shall be deemed a breach by the Receiving Party itself. 

  

	11.3	 The Receiving Party may provide the Confidential Information to the counsels, accountants, contractors and
consultants engaged by it as and when such persons need to know the Confidential Information in order to provide professional assistance to the Receiving Party; provided, that the Receiving Party shall cause each such person to whom such disclosure
is made to sign a confidentiality agreement or perform confidentiality obligations in accordance with the applicable code of professional ethics. 

  

	11.4	 In the event that the Receiving Party is required to disclose any Confidential Information by any rule of any
stock exchange on which the Receiving Party is listed or by any competent governmental or regulatory department or authority, the Receiving Party may make the disclosure to the extent so required, without liability hereunder; provided, that the
Receiving Party shall, to the extent practicable, prior to such disclosure, promptly notify the Disclosing Party in writing of such required disclosure so as to enable the Disclosing Party to take necessary protective measures, and the Receiving
Party shall use commercially reasonable efforts to ensure that all the confidential information so disclosed will be accorded confidential treatment by the applicable governmental or regulatory authorities. 

 

	11.5	 The obligation of confidentiality set forth in this Article shall be in force and effect in perpetuity.

  
 14 

	11.6	 The obligation of confidentiality set forth in this Article shall not apply to the following information:

  

	 	(1)	 any information that is already generally known to the public at the time of disclosure by the Disclosing
Party, or becomes generally known to the public after disclosure by the Disclosing Party not through any neglect of the Receiving Party or any of its employees, counsels, accountants, contractors, consultants or any other related persons;

  

	 	(2)	 any information that is possessed by the Receiving Party at the time of disclosure by the Disclosing Party and
not sourced directly or indirectly from the Disclosing Party, in each case, as demonstrated by written evidence; and 

  

	 	(3)	 any information that has already been disclosed to the Receiving Party by a Third Party who is not under
confidentiality obligation towards the Disclosing Party and has the right to make such disclosure, in each case, as demonstrated by written evidence. 

  

	11.7	 Upon rescission or termination of this Agreement, the Receiving Party shall immediately cease to use and not
permit any third party to use any Confidential Information of the Disclosing Party. In the meantime, the Receiving Party shall, at the written request of the Disclosing Party, return to the Disclosing Party, or delete or destroy the Confidential
Information provided by the Disclosing Party, without keeping any of the same in any form. 

  

	12.	 NO ASSIGNMENT 

Unless as otherwise provided in this Agreement or otherwise agreed between the Parties, neither Party may transfer, assign or otherwise dispose
of all or any part of its rights under this Agreement, nor may it grant, create or dispose of any right, interests or obligation thereon or therein. Any attempted transfer or assignment or disposal in violation of this Article shall be null and
void. 
  

	13.	 FURTHER ASSURANCE 

Each Party shall sign (or cause the signing of) any other documents required by relevant laws and regulations, or necessary for implementation
of or giving effect to this Agreement. 
  

	14.	 TAXES AND EXPENSES 

 

	14.1	 Subject to Section 14.2 and unless otherwise provided in this Agreement (or any other Transaction
Document), each Party shall legally bear its own costs, fees and any other expenses incurred by it in connection with this Transaction. 

  
 15 

	14.2	 Considering the fact that Kunlun Energy is an offshore company and is therefore subject to certain restrictions
including foreign exchange control in terms of payment of domestic PRC Taxes, PipeChina agrees to withhold and pay on behalf of Kunlun Energy the withholding tax for transfer of properties in China imposed in relation to this Transaction payable by
Kunlun Energy. For that purpose, PipeChina may deduct from any amount of the Transaction Consideration payable such withholding tax in accordance with applicable PRC tax laws and regulations. After written confirmation by Kunlun Energy, PipeChina
will declare and pay as Kunlun Energy’s withholding agent to competent tax office(s) under the State Administration of Taxation of the PRC the withholding tax for transfer of properties in China imposed in relation to this Transaction and go
through the overseas payment filings, including having necessary consultations or discussions with relevant tax authorities, in connection with which, Kunlun Energy shall render necessary assistance and cooperation. Within three Business Days after
any payment of any amount of tax on behalf of Kunlun Energy as described above, PipeChina shall be obligated to provide Kunlun Energy with the tax returns and tax payment certificates. Any and all the costs and expenses incurred by PipeChina in
connection with its acting as the withholding agent of Kunlun Energy under this Article, including without limitation, fees and expenses incurred in the engagement of any tax advisor to handle the payment of relevant Taxes and charges on behalf of
Kunlun Energy, shall be borne by Kunlun Energy. 

  

	14.3	 For purposes of this Transaction, unless as otherwise provided in laws or regulations and/or otherwise agreed
between the Parties, all fees, costs and expenses incurred in connection with the handover of the Target Equity shall be reasonably apportioned by the Parties and settled through negotiation. 

 

	14.4	 Both Parties agree that the tax costs of the Target Equity shall be transferred together with the Target
Equity. For the avoidance of doubt, from and after the Closing Date, to the extent that either Target Company suffers a claim of tax deficiency brought by any competent tax authority and incurs any additional tax liability as a result, such
additional tax liability shall be borne by such Target Company then existing. Where Kunlun Energy or PipeChina is required to pay any underpaid tax or late payment penalty in connection therewith, such issue shall be resolved through amicable
consultations between the Parties. 

  

	15.	 NOTICE 

 

	15.1	 All notices related to this Agreement shall be written in Chinese, and shall be given by personal delivery,
fax, email or express mail service of couriers acceptable to both Parties, and shall be deemed to have been received as follows: 

  

	 	(1)	 upon delivery to the recipient if by personal delivery, or three Days after being sent out if by express mail
service; 

  

	 	(2)	 upon successful transmission by the sender as indicated on the fax machine if by fax; or 

 

	 	(3)	 upon arrival of the relevant email message at the recipient’s mailbox if by email. Notwithstanding the
foregoing, in any event, a notice not given during normal business hours at the destination of the recipient shall be deemed to have been received on the opening of business hours on the next Business Day. 

 

	15.2	 The Parties’ contact details to be used for the purpose of Section 15.1 shall be as set forth below:

  

	 	(1)	 Kunlun Energy’s Contact Information: 

Address: 9 Dongzhimen North Street, Dongcheng District, Beijing 

[Contact person’s information is redacted] 

  
 16 

	 	(2)	 PipeChina’s Contact Information: 

Address: 6 / F, Block A, No. 5 Dongtucheng Road, Chaoyang District, Beijing 

[Contact person’s information is redacted] 
  

	16.	 WAIVERS, RIGHTS AND REMEDIES

 Unless otherwise specified in this Agreement, either Party’s failure to exercise or delay in the exercise of
any right, power or remedy under this Agreement or any other Transaction Document shall not constitute a waiver of such right, power or remedy, or preclude such Party’s subsequent exercise of such right, power or remedy. Any single or partial
exercise of any such right, power or remedy shall not preclude any further exercise of such right, power or remedy. 
  

	17.	 EFFECTIVENESS AND AMENDMENTS 

 

	17.1	 This Agreement shall be formed upon being signed by the legal or authorized representatives and affixed with
the company seals of both Parties, and shall take effect upon satisfaction of both of the following conditions: 

  

	 	(1)	 This Transaction has been reviewed and approved by Kunlun Energy’s shareholders at the relevant general
meeting; and 

  

	 	(2)	 This Transaction has been reviewed and approved by PipeChina’s internal governing body empowered to do so.

  

	17.2	 After this Agreement is executed, any modification of or amendment to this Agreement or any other Transaction
Document shall be in writing, and shall be signed by the legal or authorized representatives and affixed with the company seals of both Parties. 

  

	17.3	 In the event that any provision in this Agreement is or becomes invalid or unenforceable in any aspect pursuant
to laws or regulations, such provision shall not have force in such aspect and the validity of any other provision hereof shall not be affected thereby, in which case, the Parties shall make reasonable efforts to replace such provision with a
provision which is valid and enforceable and has effect and intended effect as close as possible to such invalid provision in such aspect. 

  

	18.	 GOVERNING LAW AND DISPUTE
RESOLUTION 

  

	18.1	 The execution, validity, interpretation, performance of, and resolution of disputes under this Agreement shall
be governed by PRC Laws. 

  
 17 

	18.2	 In case of any dispute, controversy or claim (each a “Dispute”) arising from or in connection with
the interpretation or performance of this Agreement, the Parties shall endeavour to resolve such Dispute through amicable negotiations. The Parties may consult regulatory agencies in the course of such negotiation. In the event that the Parties fail
to agree on a solution to any Dispute within 60 Days after the Party claiming Dispute raises the Dispute to the other Party, each Party may refer such Dispute to arbitration. 

 

	18.3	 Disputes shall be submitted to China International Economic and Trade Arbitration Commission
(“CIETAC”) for resolution through arbitration in accordance with CIETAC’s arbitration rules then in effect. The arbitral tribunal shall be composed of three arbitrators. Each Party shall appoint one arbitrator and the third arbitrator
shall be jointly appointed by the first two arbitrators. Where the first two arbitrators fail to reach agreement on the appointment of the third arbitrator, the third arbitrator shall be appointed by CIETAC. 

 

	18.4	 The arbitral proceeding shall be administered by CIETAC as the hosting arbitration institution, and shall be
conducted in Chinese. The arbitration shall be seated in Beijing. 

  

	18.5	 The arbitral award rendered in accordance with the above arbitral proceeding shall be final and binding upon
both Parties, and enforceable in accordance with its terms. 

  

	18.6	 Costs of arbitration shall be borne by the losing Party. The Parties agree that in the event that it is
necessary for one Party to enforce the arbitral award through any legal proceeding, all reasonable fees, expenses and attorney’s fees in relation to the enforcement shall be borne by the Party against whom the arbitral award is enforced.

  

	18.7	 During the period when a Dispute is being resolved, the Parties shall in all other respects continue their
implementation of this Agreement, except for the matters in dispute. 

  

	19.	 FORCE MAJEURE 

In the event that either Party is prevented from performing its obligations under this Agreement in whole or in part due to the occurrence of
an event of Force Majeure (a “Force Majeure Event”), such Party shall be fully or partially released from the liability for failure to perform to the extent of the effect of such Force Majeure Event on such Party. The performance of the
obligations of the Parties under this Agreement shall be suspended during the period when the performance of the obligations is rendered impossible by such Force Majeure Event, and shall be extended automatically for a period equal to such period of
suspension. The Party suffering a Force Majeure Event shall notify the other Party in writing as soon as possible, and within 30 Days as of the occurrence of such Force Majeure Event, provide valid documents to evidence the occurrence and time of
occurrence of such Force Majeure Event. The Party affected by such Force Majeure Event shall take all reasonable measures to mitigate the consequences of force majeure as soon as possible. Upon occurrence of a Force Majeure Event, the Parties shall
immediately enter into negotiations for a fair solution and use their best efforts to mitigate the consequences of Force Majeure. 

  
 18 

	20.	 MISCELLANEOUS 

 

	20.1	 This Agreement shall constitute all the legal documentation for this Transaction. In the event of any
discrepancy between this Agreement and any prior oral discussion or written agreement between the Parties in respect of this Transaction, this Agreement shall prevail. 

 

	20.2	 Any matter not covered hereunder may be set forth in a written supplementary agreement to be further executed
by and between the Parties after having reached agreement thereon, which supplementary agreemen shall have equal legal force as this Agreement. 

  

	20.3	 This Agreement is written in Chinese. This Agreement shall be executed in eight counterparts with equal legal
force, two for each Party, and the remaining counterparts for filing with competent governmental authorities. 

 [End of
text] 

  
 19 

			
	Kunlun Energy Company Limited (Company seal affixed)

			
		
	 Signed by:
	 	/s/
		 	Authorized representative

			
	
	China Oil&Gas Pipeline Network Corporation (Company seal affixed)

			
		
	 Signed by:
	 	Zhang Wei /s/
		 	Legal or authorized representative

  
 20

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