Document:

EX-4.9

 Exhibit 4.9 

China Oil&Gas Pipeline Network Corporation 

and 
 PetroChina Company
Limited 
  
  

 
 FRAMEWORK AGREEMENT ON TRANSACTION
OF OIL AND GAS PIPELINE 
 RELATED ASSETS 
  

 
  

July 2020 
 Beijing

 Table of Contents 
  

							
	1.	  	TARGET ASSETS AND TRANSACTION ARRANGEMENT	  	 	2	 
			
	2.	  	TRANSACTION CONSIDERATION AND METHOD OF PAYMENT	  	 	2	 
			
	3.	  	PROFITS AND LOSSES DURING THE TRANSITIONAL PERIOD AND ADJUSTMENTS FOR
EVENTS AFTER BASE DATE	  	 	3	 
			
	4.	  	CONDITIONS PRECEDENT TO CLOSING	  	 	4	 
			
	5.	  	CLOSING AND HANDOVER	  	 	6	 
			
	6.	  	HANDOVER ARRANGEMENT AND JOINT WORK GROUP	  	 	9	 
			
	7.	  	SHAREHOLDER’S RIGHTS OF PETROCHINA	  	 	11	 
			
	8.	  	REPRESENTATIONS AND WARRANTIES OF PETROCHINA	  	 	11	 
			
	9.	  	REPRESENTATIONS AND WARRANTIES OF PIPECHINA	  	 	12	 
			
	10.	  	LIABILITY FOR BREACH	  	 	14	 
			
	11.	  	ANNOUNCEMENTS OF TRANSACTION INFORMATION	  	 	15	 
			
	12.	  	CONFIDENTIALITY	  	 	15	 
			
	13.	  	NO ASSIGNMENT	  	 	16	 
			
	14.	  	FURTHER ASSURANCE	  	 	17	 
			
	15.	  	TAXES AND EXPENSES	  	 	17	 
			
	16.	  	NOTICE	  	 	18	 
			
	17.	  	CONFLICTS WITH OTHER AGREEMENTS	  	 	19	 
			
	18.	  	WAIVERS, RIGHTS AND REMEDIES	  	 	19	 
			
	19.	  	LANGUAGE AND COUNTERPARTS	  	 	19	 
			
	20.	  	EFFECTIVENESS AND AMENDMENTS	  	 	19	 
			
	21.	  	SEVERABILITY	  	 	20	 
			
	22.	  	GOVERNING LAW AND DISPUTE RESOLUTION	  	 	20	 
			
	23.	  	MISCELLANEOUS	  	 	21	 
		
	 APPENDIX 1: DEFINITIONS AND
INTERPRETATION
	  	 	23	 
		
	 APPENDIX 2: SHAREHOLDING STRUCTURE
POST RESTRUCTURING
	  	 	29	 
		
	 APPENDIX 3: TARGET ASSETS
AND PAYMENT METHOD
	  	 	30	 
		
	 APPENDIX 4: BANK ACCOUNT
AND CONTACT INFORMATION OF THE PARTIES
	  	 	37	 

 This Framework Agreement on Transaction of Oil and Gas Pipeline Related Assets (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: 

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

Legal Representative: Zhang Wei 

Registered Address: Rooms 08-10, Floor 6, Building A, 5 Dongtucheng Road, 

Chaoyang District, Beijing 

PetroChina Company Limited (“PetroChina”)  

Legal Representative: Dai Houliang 

Registered Address: 16 Ande Road, Dongcheng District, Beijing 

Certain terms used in this Agreement shall have the meanings as defined and interpreted in Appendix 1. 

Whereas: 
  

	(A)	 On the Signing Date of this Agreement, PipeChina has a registered capital of RMB20 billion, and mainly
engages in pipeline transmission, storage services, equipment importation, technology importation and exportation, science and technology research, informatization research and application, and technology consulting, services, transfer and
promotion. The State Council holds 100% of the equity interests in PipeChina. 

  

	(B)	 On the terms and conditions set forth in this Agreement, PetroChina intends to sell to PipeChina, and PipeChina
intends to purchase from PetroChina, the Target Assets listed in Appendix 3 hereto, consisting of (i) Equity Assets, and (ii) Non-equity Assets, including oil and gas pipelines, gas storage
facilities, LNG terminals and the accessory facilities thereto, and initial oil and gas inventory (such sale and purchase hereinafter referred to as this “Transaction”). 

 

	(C)	 On the even date of the Signing Date, PipeChina is in the process of negotiating separately with a group of
other Relevant Investors holding oil and gas pipeline related assets about PipeChina’s purchase of such investors’ assets by issuance of additional equity and/or payment of cash as consideration, and another group of Relevant Investors
about such investors’ subscription of equity interests in PipeChina for Cash Consideration, in each case, at a same subscription price for the equity interests in PipeChina (together with this Transaction, collectively referred to as the
“Restructuring”). It is intended that immediately after the Restructuring, PipeChina shall have a registered capital of RMB500 billion and an equity ownership structure as set forth in Appendix 2 hereto. 

For purposes of this Agreement, each of PetroChina and PipeChina shall hereinafter be referred to individually as a “Party”, and
collectively as the “Parties”. 
 NOW, THEREFORE, for purposes of this Transaction, after friendly negotiations and by adhering to
the principle of equality and mutual benefit, the Parties enter into this Agreement as follows: 

  
 1 

	1.	 TARGET ASSETS AND TRANSACTION
ARRANGEMENT 

  

	1.1	 PipeChina shall purchase from PetroChina the Target Assets listed in Appendix 3 hereto in accordance with the
terms and conditions set forth herein. The specific scope of the Target Assets is subject to the scope of the assets appraised and recorded in the Asset Appraisal Report. 

 

	1.2	 PipeChina shall acquire the Target Assets for a consideration consisting of (i) 29.9% of PipeChina’s
restructured equity and (ii) a corresponding amount in cash. 

  

	2.	 TRANSACTION CONSIDERATION AND METHOD
OF PAYMENT 

  

	2.1	 Both Parties agree that the transaction consideration for the Target Assets (the “Transaction
Consideration”) shall be determined on the basis of the appraised value of the Target Assets confirmed after the approval/record-keeping procedures are performed in accordance with applicable PRC laws and regulations, and subject to final
adjustments to be made for the Profits and Losses during the Transitional Period and for the subsequent events after the Base Date under Article 3 of this Agreement. 

 

	2.2	 PipeChina will satisfy the Transaction Consideration payable to PetroChina by issuing to PetroChina the
corresponding portion of PipeChina’s equity subscribed by PetroChina and paying the remaining amount in cash to PetroChina (the “Cash Consideration”). Specifically, 

 

	 	(1)	 Based on the appraised value of the Target Assets, PipeChina agrees to issue to PetroChina part of
PipeChina’s increased registered capital representing 29.9% of PipeChina’s equity upon completion of the Restructuring (the “Equity Consideration”) in exchange for part of the Target Assets. 

 

	 	(2)	 PipeChina will pay PetroChina in cash the difference between the Transaction Consideration finally confirmed in
Section 2.1 and the Equity Consideration agreed in Section 2.2(1). 

  

	 	(3)	 The valuation, transaction consideration and specific payment method for different packages of Target Assets
shall be subject to applicable sub-agreements for transactions on different asset packages executed by and between the Parties in accordance with Section 17.2 hereof. 

 

	2.3	 Both Parties agree that, unless as otherwise specified in Section 2.5, PipeChina shall pay PetroChina the
Cash Consideration in two instalments as follows: 

  

	 	(1)	 first instalment of Cash Consideration: on October 15, 2020, PipeChina shall pay PetroChina 90% of
an amount equal to (i) the appraised value of the Target Assets as adjusted minus (ii) the Equity Consideration, together with the interest accrued on the amount payable so calculated as above from October 1, 2020 to the date on which
such payment arrives at PetroChina’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 procure that such payment will arrive at
PetroChina’s designated bank account on October 16, 2020; and 

  
 2 

	 	(2)	 second instalment of Cash Consideration: within 10 Business Days after completion of the Closing Audit
under Section 3.2, PipeChina shall pay the amount equal to (i) the Transaction Consideration finally determined under Section 2.1 less (ii) the Equity Consideration and (iii) the first instalment of Cash Consideration paid
under (1) above, together with the interest accrued thereon from October 1, 2020 to the date on which such payment arrives at PetroChina’s designated bank account to be calculated at the RMB benchmark interest rate for demand deposits
adopted by financial institutions during the same period. 

  

	2.4	 Unless otherwise notified in writing, PipeChina shall pay the Cash Consideration for this Transaction to a bank
account designated by PetroChina, as set forth in detail in Appendix 4 hereto. 

  

	2.5	 Both Parties agree that, the price and payment of the crude oil, refined oil, and natural gas injected and
stored by PetroChina and its Affiliates in the pipelines forming part of the Target Assets, as well as the initial crude oil inventory and refined oil inventory in the storage facilities of the first, last, and transition stations (“initial oil
and gas inventory”), the transactions in respect of which shall be closed simultaneously with the closing of the Target Assets, shall be further set forth in the individual initial oil and gas inventory sale agreements by and between PetroChina
and/or its Affiliates on the one hand and PipeChina on the other hand, each of which agreements shall upon signing, constitute a sub-agreements referred to in Section 17.2 in this Agreement, and
automatically become an appendix to this Agreement. 

  

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

 

	3.1	 For purposes of this Agreement, the term “Transitional Period” shall refer to the period between the
Base Date (excluding the very date) and the Closing Date (including the very date). 

  

	3.2	 Both Parties agree that, within 60 Days after the Closing Date of the Target Assets, PipeChina and PetroChina
shall cause an audit to be conducted on the Target Assets and have an audit report issued thereon (the “Closing Audit “) for the purpose of determining the profits and losses of the Target Assets during the Transitional Period and the
adjustments for subsequent events after the Base Date. The Closing Audit shall be performed by an accounting firm qualified for securities and futures business practice jointly engaged by and acceptable to both Parties, and the audit fee shall be
equally shared between the Parties. 

  

	3.3	 Profits and losses during the Transitional Period. PipeChina agrees that, the profits and losses
generated in the Transitional Period in respect of the Target Assets shall belong to PetroChina. Any distributable profits that are declared for distribution in respect of the Target Assets during the Transitional Period shall be excluded from the
Transaction Consideration. To the extent that as determined in the Closing Audit any net profits are generated by the Target Assets during the Transitional Period or the net asset value increases as a result of other profits and losses incurred
during the Transitional Period, PipeChina agrees that PetroChina is entitled to obtain such increased income through dividend distribution by the relevant Target Companies. Dividend resolutions of the Target Companies shall be declared prior to 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 PetroChina through dividend shall be included into the Cash
Consideration, and shall be paid no later than the payment of the second instalment of the Cash Consideration. In the event that the Target Assets suffer a loss or the net asset value decreases as a result of other profits and losses arising during
the Transitional Period, PetroChina agrees that PipeChina shall have priority to deduct the corresponding amount from the unpaid Cash Consideration. To the extent that the unpaid Cash Consideration is insufficient to cover such loss or decrease, the
shortfall shall be paid by PetroChina to PipeChina in cash no later than the payment of the second instalment Cash Consideration of this Transaction. 

  
 3 

	3.4	 Adjustments for subsequent events after the Base Date. The amount of any distributable profits generated
by the Target Assets before the Base Date that are declared for declaration during the Transitional Period shall be excluded from the Transaction Consideration. To the extent that as determined in the Closing Audit, there is a decrease in the net
asset value of the Target Assets as a result of the adjustments for subsequent events after the Base Date, PetroChina agrees that PipeChina shall have priority to deduct the corresponding amount from the unpaid Cash Consideration. To the extent that
the unpaid Cash Consideration cannot cover the decrease, the shortfall shall be paid by PetroChina to PipeChina in cash no later than the payment of the second instalment Cash Consideration of this Transaction. On the contrary, in the event that
there is an increase in the net asset value of the Target Assets as a result of the adjustments for subsequent events after the Base Date, PipeChina agrees that PetroChina is entitled to obtain such increased income through distribution of
distributable profits attributable to the target equity. The dividend resolution of the Target Companies shall be declared prior to 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 be excluded from the Transaction Consideration. Any amount of such increased income that cannot be obtained by PetroChina through
dividend shall be included into the Cash Consideration, and shall be paid no later than the payment of the second instalment of the Cash Consideration. 

  

	4.	 CONDITIONS PRECEDENT TO CLOSING

  

	4.1	 The closing of this Transaction is subject to satisfaction or waiver 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)	 PetroChina has approved this Transaction in accordance with its constitutional documents, and has ratified the
articles of association of PipeChina after the Restructuring; 

  
 4 

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

 

	 	(4)	 This Transactions have been filed for concentration of undertakings clearance and has been cleared;

  

	 	(5)	 Each of the other Relevant Investors participating in the Restructuring of PipeChina has received required
approvals for participation in the Restructuring, and has ratified the articles of association of PipeChina following the Restructuring. PipeChina has issued a notice of shareholders’ meeting indicating that it will hold a shareholders’
meeting within 10 Business Days after the Closing Date to review and sign the articles of association and review and approve the relevant matters relating to the Restructuring; 

 

	 	(6)	 PipeChina has provided PetroChina with a certificate of capital contribution, has registered PetroChina into
its internal register of shareholders, has conducted adequate communications with and obtained unofficial approval from the competent administration for market regulation regarding the amended business registration after the completion of the
Restructuring, including but not limited to, registration of PetroChina as its shareholder and record-keeping filing of the appointment of the directors nominated by PetroChina with the competent administration for market regulation;

  

	 	(7)	 The Asset Appraisal Report has been certified and filed for record in accordance with applicable PRC laws and
regulations; 

  

	 	(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; 

  

	 	(9)	 The Parties have entered into the Production and Operation Agreement; and 

 

	 	(10)	 All the other Relevant Investors participating in the Restructuring have entered into appropriate transaction
agreements with PipeChina respectively, each of which has key terms and conditions not substantially different from this Agreement, and is designed for a closing of the transaction and payment of cash capital contribution to PipeChina on the same
date as this Transaction (if applicable). 

  

	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 through the joint work group under Section 6.7 of this Agreement, 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 for the purpose of hindering or restricting the satisfaction of any condition precedent set forth in Section 4.1 hereof. 

  
 5 

	4.3	 If for any reason not attributable to either Party, any condition precedent agreed in Section 4.1 of this
Agreement fails to be satisfied or waived by September 30, 2021 (the “Long Stop Date”), each Party shall have the right to unilaterally terminate this Agreement in writing within 30 Days immediately following the Long Stop Date
without any liability. 

  

	5.	 CLOSING AND HANDOVER 

 

	5.1	 Closing date. Both Parties hereby acknowledge and agree that the ownership and risk of the Target Assets
will be transferred from PetroChina to PipeChina at 24:00pm on September 30, 2020 (the “Closing Date”). In the event that by September 30, 2020, not all the conditions precedent set forth in Section 4.1 of this Agreement
have been satisfied or waived, the Parties shall further discuss and confirm another date for closing. 

  

	5.2	 Transfer of Target Assets and relevant obligations on the Closing Date. Starting from 24:00pm on the
Closing Date, the Target Assets and relevant business and personnel 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 Assets
shall be assumed by PipeChina. Except for the obligations for the Handover as explicitly stipulated in this Agreement, after the Closing Date (excluding the very date), PetroChina will no longer assume any obligation, responsibility or risk related
to the Target Assets. 

 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 PetroChina in its operation and management of any Target Assets/target equity entities or as a result
of any major defect existing in any Target Assets in each case prior to the Closing Date, except as disclosed by PetroChina to PipeChina and reflected in the financial accounts, audit reports, or appraisal reports of PetroChina and/or such target
equity entities, the Parties shall resolve the issue through amicable consultations. 
  

	5.3	 Both Parties agree to cooperate with each other and assist each other in the preparation for the Handover of
the Target Assets, and work with each other to undertake the Handover of the Target Assets starting from 24:00pm on the Closing Date. 

  

	5.4	 Both Parties agree that the Handover of the Target Assets shall be completed within 60 Days after the Closing
Date, and the specific Handover procedures shall be performed in the manners agreed by both Parties. If the Handover fails to be completed prior to the expiration of the above-mentioned 60-Day period due to
PetroChina’s fault, PetroChina shall bear the liability for breach in accordance with Section 10.2; and if the Handover fails to be completed prior to the expiration of the above-mentioned 60-Day
period for any reason not attributable to PetroChina, the Parties agree to cooperate with each other to complete the Handover as soon as possible as otherwise agreed by and between them. On the contrary, if the Handover fails to be completed prior
to the expiration of the above-mentioned 60-Day period due to PipeChina’s fault, PipeChina shall bear the liability for breach in accordance with Section 10.3; and if the Handover fails to be
completed prior to the expiration of the above-mentioned 60-Day period for any reason not attributable to PipeChina, the Parties agree to cooperate with each other to complete the Handover as soon as possible
as otherwise agreed by and between them. 

  
 6 

	5.5	 Special Covenants 

  

	 	(1)	 Both Parties agree that PetroChina shall make its best efforts to obtain prior to the Closing Date the written
documents from all the other shareholders of all the target equity entities forming part of the Target Assets evidencing such other shareholders’ approval of and waiver of their right of first refusal with respect to the equity transfers
contemplated hereunder. The Parties shall complete no later than 60 Days after the Closing Date, the procedures necessary for the amended business registration and effectuation of the change in ownership with respect to all the target equity
entities forming part of the Target Assets, 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 other relevant business particulars with the competent administration for market regulation, and changing the name of the Target Companies, such as removing such words as “PetroChina” or any variation thereof from
the name of the companies, in connection with which, PetroChina shall render assistance. 

  

	 	(2)	 Both Parties agree that PipeChina shall complete its amended business registration with the competent
administration for market regulation in relation to the Restructuring no later than 15 Business Days after the Closing Date, including but not limited to completing the registered capital change registration, 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 other relevant business particulars of PipeChina with the competent administration for market
regulation, in connection with which, PetroChina shall render assistance. 

  

	 	(3)	 The land use rights, buildings and other related assets shall be handed over together with their ownership
certificates and other related documents. For those land use rights and buildings with respect to which the complete ownership certificates have been granted, PipeChina shall be responsible for, and PetroChina shall render assistance in, the
handling of the registration/ownership transfer procedures for the relevant certificates of building ownership and certificates of land use rights. For those land parcels, buildings and related assets forming part of the Target Assets with respect
to which the applicable ownership certificates cannot be handled or have not yet been granted, both Parties agree that after the Closing Date, such land parcels, buildings and related assets shall be handed over to PipeChina for it to actually
occupy, use and dispose of, in connection with which PetroChina shall render assistance. 

  
 7 

	 	(4)	 For all those debts included in the Non-equity Assets of the Target
Assets which are owed to financial institutions, PetroChina shall, after the effective date of this Agreement, promptly notify and obtain the no-action confirmations from such financial institution creditors,
and such debts shall be borne by PipeChina from and after the Closing Date. While for those debts included in the Non-equity Assets of the Target Assets which are owed to persons other than financial
institutions, PetroChina shall, after the effective date of this Agreement, notify such non-financial-institution creditors in an appropriate manner, and such debts shall be borne by PipeChina from and after
the Closing Date. In the event that any such non-financial-institution creditor raises an objection to PipeChina’s assumption of such debts, the Parties shall resolve such issue through consultations. For
the creditor’s rights included in the Non-equity Assets of the Target Assets, PetroChina shall, after the effective date of this Agreement, notify the debtors in an appropriate manner. From and after the
Closing Date, these creditor’s rights shall be assumed and enjoyed by PipeChina and the debtors shall satisfy the obligations towards PipeChina. In connection with such transfer and assumption of debts and creditor’s rights, PetroChina
shall perform the notification obligations in appropriate manners, including but not limited to, publishing relevant announcements in accordance with the applicable rules of the Shanghai Stock Exchange. 

Specifically, the contracts signed by PetroChina with respect to the Non-equity Assets among the Target
Assets shall be novated to PipeChina in principle (“Novatable Contracts”). It is understood that the rights and obligations under the Novatable Contracts shall be allocated as follows: (i) those rights and obligations of PetroChina
arising prior to the Closing Date shall be enjoyed and performed by PetroChina and (ii) those rights and obligations of PetroChina arising after the Closing Date shall be enjoyed and performed by PipeChina. Both Parties shall cooperate with
each other to procure that the novation of the Novatable Contracts will be completed within 60 Days after the Closing Date. After the Closing Date, with respect to those contracts for which the consents from the other parties thereto approving the
formal novation of those contracts have not yet been received as at the Closing Date (the “Non-novated Contracts”), the Parties shall continue to cooperate with each other and make great efforts to
complete the transfer of the rights and obligations under and the novation of the Non-novated Contracts. Any rights and obligations, profits and losses arising from and after 24:00pm on the Closing Date under
the Non-novated Contracts held by PetroChina shall be all vested in PipeChina. PipeChina shall indemnify PetroChina against any losses suffered by and any reasonable additional expenses incurred by PetroChina
in connection with the holding of any contracts in trust for PipeChina, other than those losses or expenses attributable merely to PetroChina. 

Notwithstanding the foregoing, both Parties agree that the consummation of this Transaction shall not change the independent legal person
status of the Target Companies forming part of the Equity Assets included in the Target Assets, and the creditor’s rights, debts, business, employment matters, and contracts of all the Target Companies shall continue to be enjoyed, borne and
performed by the respective Target Companies under PipeChina’s centralized management. 

  
 8 

	 	(5)	 Both Parties agree that the Handover and management of the employees and related personnel forming a part of
the Target Assets shall be implemented by adhering to the principle of “people follow assets (business)”. 

  

	 	(6)	 Should any Target Assets bear the trademarks or logos of PetroChina, PipeChina shall remove the relevant
trademarks and logos within 6 months after the Closing Date as extended as otherwise agreed by PetroChina. 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)
arising from the Target Assets bearing PetroChina’s trademarks or logos shall be borne by PipeChina. 

  

	6.	 HANDOVER ARRANGEMENT AND JOINT
WORK GROUP 

  

	6.1	 Both Parties agree to cooperate with each other to procure that after execution of this Agreement they will
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. 

 

	6.2	 PetroChina shall facilitate to the fullest extent PipeChina’s check and takeover of the Target Assets and
the personnel thereof, including by permitting the Representatives of PipeChina to access subject to prior reasonable notice the entities and premises managed and used by the Target Assets, and furnishing PipeChina with all the necessary
information, materials and assistance. 

  

	6.3	 In order to ensure the smooth Handover, operation and management of the Target Assets and the personnel thereof
as well as the normal operation of the business that depends on the Target Assets so as to maintain the service quality and avoid any Material Adverse Effect on the existing production and operation procedures of either Party, PetroChina agrees to
operate the Target Assets in the ordinary course of business prior to the Completion of Handover. For the avoidance of doubt, from and after 24:00pm on the Closing Date, even if the Handover of the Target Assets has not been completed by then, the
operational risks and safe production responsibilities of the Target Assets shall be actually borne by PipeChina. Both Parties shall work with each other in a timely and proactive manner in the handling of the Handover to procure an earliest
Completion of Handover in accordance with this Agreement, and shall not refuse or delay the Handover or takeover of any Target Assets. 

  

	6.4	 On the Signing Date, PetroChina is still in the process of undertaking a necessary internal restructuring of
certain assets, liabilities, personnel, etc. forming a part of the Equity Assets among the Target Assets but not covered under the scope of asset appraisal (subject to the actual scope of asset appraisal), including but not limited to long-term
equity investments and branch pipeline related assets forming a part of the Equity Assets among the Target Assets but not covered under the scope of asset appraisal (the “Outside Assets”). Both Parties agree and acknowledge that PetroChina
shall make reasonable best efforts to complete such internal restructuring prior to the Closing Date and transfer the Target Assets to PipeChina in accordance with this Agreement. Any and all the taxes and expenses incurred by the Target Assets in
such internal restructuring and any other restructuring undertaken by PetroChina for the purpose of this Transaction shall be recorded as profits and losses attributable to the Target Assets during the Transitional Period. 

  
 9 

 Both Parties acknowledge that, the fact as to whether the internal restructuring described
in this Section is completed or not shall not change in any way the scope of the Target Assets. In consideration of the Outside Assets, no later than the payment of the second instalment of the Cash Consideration, PipeChina shall pay PetroChina an
appropriate amount in cash based on the appraised value of the Outside Assets as adjusted by the profits and losses arising during the Transitional Period and in proportion to PetroChina’s shareholding percentage in the target equity entities
that own the Outside Assets. 
  

	6.5	 After the Closing Date and prior to the Completion of Handover, other than any normal provisions for
depreciation, amortization, depletion and scrapping, collection of receivables, repayment of debts falling due, conversion of constructions in progress into fixed assets (the “Fixed Asset Conversion”) , and other normal disposals in
relation to the Target Assets in the ordinary course of business, PetroChina covenants that it will not on its own initiative, make any decision on the taking of any of the following actions, including to make any major adjustments to any Target
Assets, grant any third party guarantee on any Target Assets other than as necessary in the ordinary course of business, make any major business change related to any Target Assets or any adjustments to principal business activities, make any major
personnel adjustments, make any major adjustments to any accounting policies related to any Target Assets 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 any Target Assets. 

  

	6.6	 In order to ensure the smooth operation and transition of the Target Assets and the personnel thereof, the
Parties agree to organize a joint work group to be responsible for the Handover of the Target Assets under their respective control. 

  

	6.7	 The joint work group shall carry out the preparatory work for the Handover, including but not limited,

  

	 	(1)	 to procure that the Parties will each set up a workgroup to establish communication policies and mechanisms,
and jointly organize Handover training to learn from each other the organizational structures, work and business processes, etc.; 

  

	 	(2)	 to procure that the Parties will jointly confirm the scope of equipment required for the Handover, and jointly
discuss and agree on the methods, locations and points of time for the Handover, including the tools, vehicles, handover forms, labels, etc.; 

  

	 	(3)	 to import the details of the appraised assets into the asset inventory system to generate a preliminary Target
Assets list, and a physical Handover list will be made as the data basis for on-site Handover; 

  

	 	(4)	 to procure that the Parties will negotiate and jointly determine the specific arrangements for the Handover,
including but not limited to the timing plan, routing plan, and organization and implementation arrangements; 

  
 10 

	 	(5)	 to procure that the Parties will negotiate and jointly determine the specific arrangements for the Handover of
information and contracts; 

  

	 	(6)	 to make itemized information lists and prepare related materials; 

 

	 	(7)	 to carry out other preparations in response to actual needs. 

 

	7.	 SHAREHOLDER’S RIGHTS OF
PETROCHINA 

  

	7.1	 From and after the completion of this Transaction and the Restructuring, PetroChina shall as a shareholder of
PipeChina, enjoy all the shareholder rights and assume corresponding shareholder obligations as stipulated in the Company Law of the PRC and relevant legal documents, as set forth in detail in the articles of association of PipeChina.

  

	7.2	 The board of directors of PipeChina shall consist of 11 directors and PetroChina shall have two seats thereon.

  

	7.3	 Each shareholder of PipeChina shall receive the distribution of profits of PipeChina and remaining assets upon
liquidation in proportion to the amount of its respective paid-in capital contributions to PipeChina. In principle, the aggregate cash dividend distribution by PipeChina for each year shall not be less than
30% of its distributable profits in such year. The specific distribution plan and distribution ratio for each year shall be determined by the board of directors and the general meeting of shareholders of PipeChina based on the availability of funds,
business development needs and other facts surrounding PipeChina after having gone through the internal approval procedures set forth in the articles of association of PipeChina. 

 

	8.	 REPRESENTATIONS AND WARRANTIES OF
PETROCHINA 

  

	8.1	 PetroChina represents and warrants that, as of the Signing Date and the Closing Date, and prior to the transfer
of the Target Assets as contemplated hereunder, subject to such exceptions as are disclosed in the Transaction Documents: 

  

	 	(1)	 PetroChina is a joint stock company with full capacity for civil conduct under the laws of the PRC, and has the
right, power and capacity to enter into and perform this Agreement and all obligations and responsibilities hereunder, and PetroChina’s execution and performance of this Agreement will not conflict with or result in a violation of:

  

	 	i.	 any applicable provisions in any of PetroChina’s constitutional documents or any other relevant documents
or in any law, regulation or rule applicable to PetroChina; 

  

	 	ii.	 any material contract, agreement or license to which PetroChina is a party, or any order, judgement or decree
binding upon PetroChina entered by any court, governmental authority or regulatory authority; or 

  
 11 

	 	iii.	 the completion by PetroChina prior to the Closing Date of any necessary procedures as required by any
applicable law or regulation and/or any agreement or document binding upon PetroChina, except to the extent that PetroChina’s failure to so complete any such procedures will not have a Material Adverse Effect on PipeChina’s operation of
any Target Assets; 

  

	 	(2)	 Except as otherwise specified in this Agreement, PetroChina has obtained, or if not yet obtained, will make
every possible endeavor to obtain, all the licenses, authorizations and approvals necessary for PetroChina’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 PetroChina 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;

  

	 	(3)	 Any and all the materials related to the Target Assets provided by PetroChina 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; 

 

	 	(4)	 PetroChina has the legal ownership of and/or disposal rights to and in the Target Assets under this
Transaction. Except as otherwise disclosed to PipeChina by PetroChina and reflected in the financial accounts, audit reports or asset appraisal reports of PetroChina and its equity entities, a) with respect to the Equity Assets that PetroChina
intends to sell, PetroChina has satisfied in accordance with applicable laws its capital contribution obligations towards each and all of the Target Companies included in such Equity Assets, without any false capital contribution or surreptitious
withdrawal of capital contribution, and none of the Equity Assets are to any undisclosed pledge, freeze, any other encumbrance or security interest; b) PetroChina’s operation and management of the
Non-equity Assets it intends to sell is consistent with the industrial practice; and 

  

	 	(5)	 PetroChina will complete the Closing and Handover as soon as possible in accordance with the terms and
conditions set forth in this Agreement. 

  

	8.2	 If any unforeseeable situation occurs to PetroChina between the Signing Date and the Closing Date, which may
cause any representation, warranty or covenant made by PetroChina herein to be untrue, inaccurate or misleading in any material aspect, PetroChina will notify PipeChina in writing within 5 Days from the date of such occurrence.

  

	9.	 REPRESENTATIONS AND WARRANTIES OF
PIPECHINA 

  

	9.1	 PipeChina represents and warrants that, as of the Signing Date and the Closing Date, and prior to the transfer
of the Target Assets as contemplated hereunder, subject to such exceptions as are disclosed in the Transaction Documents: 

  
 12 

	 	(1)	 PipeChina is a limited liability company with full capacity for civil conduct under the laws of the PRC, and
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:

  

	 	i.	 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; 

  

	 	ii.	 any material contract, agreement or license to which PipeChina is a party, or any order, judgement or decree
binding upon PipeChina entered by any court, governmental authority or regulatory authority; or 

  

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

  

	 	(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;

  

	 	(3)	 Any and all the materials related to PiepeChina provided by PipeChina to PetroChina 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; 

 

	 	(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 as soon as possible; 

  

	 	(5)	 PipeChina warrants that after the Handover of the Target Assets, the business operation of the Target Assets
will remain normal and the quality of the services provided by the Target Assets will not be lower than the current level. PipeChina undertakes that after the Handover of the Target Assets, it shall not take any material adverse action or allow any
material adverse nonaction that may adversely affect PetroChina’s continuous normal use of any Target Assets in its production or operation; and 

  

	 	(6)	 PipeChina warrants that it will fully perform the Production and Operation Agreement and the supporting sub-agreements separately executed and effectuated by and between the Parties so as to support and secure the stable, continuous and safe production and operation of PetroChina. 

  
 13 

	9.2	 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 PetroChina in writing within 5 Days from the date of such occurrence. 

 

	10.	 LIABILITY FOR BREACH 

 

	10.1	 In the event that any representation and/or warranty made by either Party in this Agreement is untrue,
inaccurate or incomplete in any material aspect or contains any misstatement, omission or misleading statement in any material aspect, or violates any undertaking made by such Party 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. 

 

	10.2	 If PetroChina refuses to handle any amended registration with the competent administrations for market
regulation for any Target Company, or refuses to handle the handover of any Target Assets or any business or personnel related thereto as scheduled herein and required hereby, for each Day on which any such registration or handover remains overdue,
PetroChina shall pay PipeChina liquidated damages equal to 0.05% of the consideration for the Target Assets failing to be handed over as scheduled herein, other than any delay in the handover of any Target Assets not attributable to the fault of
PetroChina, including any delay as a result of Force Majeure or any reason on the part of PipeChina or any Third Party. 

  

	10.3	 If PipeChina refuses to handle any amended registration with the competent administrations for market
regulation for any Target Company, or refuses to handle the handover of any Target Assets or any business or personnel related thereto as scheduled herein and required hereby, for each Day on which any such registration or handover remains overdue,
PipeChina shall pay PetroChina liquidated damages equal to 0.05% of the consideration for the Target Assets failing to be handed over as scheduled herein, other than any delay in the handover of any Target Assets not attributable to the fault of
PipeChina, such as any delay as a result of Force Majeure or any reason on the part of PetroChina or any Third Party. 

  

	10.4	 If PipeChina fails to pay the Transaction Consideration in accordance with this Agreement, PipeChina shall pay
PetroChina liquidated damages at the rate of 0.05% per Day of the overdue payment, other than any failure to pay attributable to PetroChina’s fault. 

  

	10.5	 Unless PetroChina breaches this Agreement first or an event of Force Majeure (a “Force Majeure Event”
) occurs, to the extent that PipeChina fails to satisfy any condition precedent set forth in 4.1 (5) hereinabove, or fails to complete any amended business registration with the competent administration for market regulation in relation to the
Restructuring as required by 5.5(2) hereinabove, PetroChina shall have the right to bring a claim against PipeChina for the actual losses suffered by it arising from such failure. 

  
 14 

	11.	 ANNOUNCEMENTS OF TRANSACTION INFORMATION

  

	11.1	 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. 

 

	11.2	 The restrictions under Section 11.1 shall not apply in case either Party is required to publish a notice,
announcement or circular in relation to any restricted information specified in Section 11.1 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 legal force), 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. 

  

	12.	 CONFIDENTIALITY 

 

	12.1	 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 Assets, 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. 

  

	12.2	 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 as 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. 

  

	12.3	 The Receiving Party may provide the Confidential Information to its counsels, accountants, contractors and
consultants 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. 

  
 15 

	12.4	 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. 

 

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

  

	12.6	 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. 

  

	12.7	 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. 

  

	13.	 NO ASSIGNMENT 

 

	13.1	 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 13 shall be null and void. 

  
 16 

	14.	 FURTHER ASSURANCE 

 

	14.1	 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. 

  

	14.2	 Each Party shall cause its Affiliates to comply with all the obligations expressly applicable to them.

  

	15.	 Taxes and EXPENSES 

 

	15.1	 Subject to Section 15.2 and unless otherwise provided in this Agreement (or any other Transaction
Document), each Party shall bear its own costs, fees and any other expenses incurred by it in connection with this Transaction. 

  

	15.2	 Pursuant to applicable laws, regulations or orders or decisions of the PRC, each Party shall bear and pay all
taxes arising from and all fees charged by competent governmental or regulatory authorities and stock exchanges in connection with this Agreement or any other Transaction Document. 

 

	15.3	 For purposes of this Transaction, unless 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 Assets shall be reasonably apportioned by the Parties and settled through negotiation. 

 

	15.4	 In the event that (i) as of the Closing Date, the registered VAT payer of any branch company which owns
any Target Assets has any amount of the incoming VAT that has not yet been used for deduction (the “Unused Offsettable Amount”) and is included into the Transaction Consideration and (ii) PetroChina elects to transfer all the Target
Assets of such branch company to PipeChina as a whole, PetroChina shall within 12 months as of the completion of this Transaction, transfer the Unused Offsettable Amount to PipeChina, together with the statutory evidence therefor. In the event
PetroChina elects not to transfer all the Target Assets of such branch company to PipeChina as a whole, the Parties shall cooperate with each other to procure that PipeChina will receive the corresponding Unused Offsettable Amount in any other
reasonable and legal commercial form. Where the Unused Offsettable Amount fails to be transferred to PipeChina within the said 12 months and PetroChina fails to take any active and effective measures to procure that PipeChina will receive the
corresponding Unused Offsettable Amount in any other reasonable and legal commercial form, PetroChina shall pay PipeChina a corresponding compensatory amount within 10 Business Days after 12 months following completion of this Transaction. Where the
Unused Offsettable Amount fails to be transferred to PipeChina within 12 months after the Closing Date due to the impact of any state policy, the Parties shall resolve the problem through negotiations in light of the actual situation. In the event
that PetroChina fails to comply with any of the foregoing covenants or undertakings, PipeChina shall have the right to claim against PetroChina for the actual losses arising from such failure. 

  
 17 

	15.5	 Both Parties agree that the tax costs of the Target Assets shall be transferred together with the Target
Assets. For the avoidance of doubt, from and after the Closing Date, in the event that any Target Assets suffer a claim of tax deficiency brought by any competent tax authority and incur any additional tax liability as a result, such additional tax
liability shall be borne by the relevant legal entity that owns such Target Assets by then. Where PetroChina or PipeChina is required to pay any additional tax or late payment penalty in connection therewith, such issue shall be resolved through
amicable consultations between the Parties. 

  

	15.6	 As long as this Transaction is eligible for a special tax treatment, PipeChina shall guarantee that it will
adopt the principle of special tax treatment for this Transaction in accordance with Notice of the Ministry of Finance and the State Administration of Taxation on Some Issues Concerning the Treatment of Corporate Income Tax in Enterprise
Restructuring (Finance & Tax [2009] No. 59), pursuant to which, within 12 months from the first Day after the Restructuring Date, PipeChina will not transfer any of its equity interests in any Target
Companies in any manner, and PipeChina will procure to the extent of its rights as a shareholder, that none of the Target Companies will substantially change its original business activities. Accordingly, within 12 consecutive months from the first
Day after the date on which PetroChina is registered as a shareholder of PipeChina, PetroChina shall not transfer any of its equity interests in PipeChina. All the parties participating in the Restructuring, including PipeChina, the Target Companies
and PetroChina, shall complete the tax declaration or filing in accordance with tax related requirements. In the event that either Party fails to comply with any of the foregoing undertakings or guarantees, the breaching Party shall be liable to the
other Party for the actual losses suffered by the other party arising from such failure. 

  

	15.7	 Both Parties agree that if it is necessary to go through the tax
de-registration for a branch company taxpayer which originally owns any Non-equity Assets, PetroChina shall authorize the relevant legal entity which owns such Non-equity Assets by then to complete such tax de-registration, including the tax declaration obligations for the period from the Closing Date until the de-registration date, with any costs, taxes and expenses incurred in
connection with such tax de-registration to be borne as agreed between the Parties. 

  

	16.	 NOTICE 

 

	16.1	 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 (a) upon delivery to the recipient if by personal delivery, or three Days after being sent out if by express mail service; or
(b) upon successful transmission by the sender as indicated on the fax machine if by fax; or (c) 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. 

 

	16.2	 The Parties’ contact details to be used for the purpose of Section 16.1, such as addresses and fax
numbers shall be as set forth in Appendix 4 hereto. 

  
 18 

	17.	 CONFLICTS WITH OTHER AGREEMENTS

  

	17.1	 This Agreement and all the appendices hereto shall constitute all the legal documents 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. 

 

	17.2	 Notwithstanding the foregoing provisions, both Parties agree that to the extent necessary for this Transaction,
they will enter into separate transaction agreements for specific Target Assets, that the contents of the separate transaction agreements shall be based on the contents of this Agreement and shall not be in material conflict with this Agreement; and
in case of any conflict between any such separate transaction agreement and this Agreement in terms of any provision, this Agreement shall prevail. Any such separate transaction agreement shall, upon execution, automatically constitute an appendix
to this Agreement and therefore an integral part of the legal documents for this Transaction. Both Parties have agreed that the specific Handover matters in relation to the Target Assets shall be carried out in accordance with the relevant
agreements or memoranda to be otherwise signed by the Parties in the subsequent Handover processes. 

  

	18.	 WAIVERS, RIGHTS AND REMEDIES

  

	18.1	 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. 

  

	19.	 LANGUAGE AND COUNTERPARTS 

 

	19.1	 This Agreement is written in Chinese. This Agreement shall be executed in ten (10) counterparts with equal
legal force, five (5) for each party. 

  

	20.	 EFFECTIVENESS AND AMENDMENTS 

 

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

  

	 	(1)	 PipeChina’s shareholders have resolved to approve this Transaction; and 

 

	 	(2)	 PetroChina’s shareholders have approved this Transaction at the relevant general meeting.

  
 19 

	20.2	 From the date of the formation of this Agreement, Article 11 (Announcements of Transaction Information),
Article 12 (Confidentiality), Article 13 (No Assignment), Article 15 (Taxes and Expenses), Article 16 (Notices), Article 17 (Conflicts with Other Agreements), Article 18 (Waivers, Rights and Remedies),
Article 20 (Effectiveness and Amendments), Article 21 (Severability), Article 22 (Governing Law and Dispute Resolution), and Appendix 1 (Definitions and Interpretation) shall be binding upon both Parties.

  

	20.3	 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 Parties’ legal representative or his/her authorized representative and stamped by the Parties. 

  

	21.	 SEVERABILITY 

 

	21.1	 Provisions in this Agreement and other Transaction Documents are severable. In the event that any provision in
this Agreement or any other Transaction Document 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 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 provision in such aspect. 

  

	22.	 GOVERNING LAW AND DISPUTE
RESOLUTION 

  

	22.1	 This Agreement shall be governed by and construed in accordance with the laws of the PRC.

  

	22.2	 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. 

 

	22.3	 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. 

 

	22.4	 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. 

  

	22.5	 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. 

  
 20 

	22.6	 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.

  

	22.7	 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. 

  

	23.	 MISCELLANEOUS 

 

	23.1	 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. 
 [End
of text. Signature pages and appendices follow] 

  
 21 

 In witness whereof, the Parties have signed the Framework Agreement on Transaction of Oil and Gas
Pipeline Related Assets on the date first written above. 
  

							
	 China Oil&Gas Pipeline Network Corporation
	  	 PetroChina Company Limited

		 	(Company Seal)	  		 	(Company Seal)
				
	Signed by:	 	   
	  	Signed by:	 	   

		 	Legal representative or his/her authorized representative	  		 	Legal representative or his/her authorized representative
				
		 	Dated and signed on July 23, 2020	  		 	Dated and signed on July 23, 2020

  
 22 

 APPENDIX 1: DEFINITIONS AND INTERPRETATION 

 

	1.	 Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth
below: 

  

					
	this “Agreement”	  	means	  	 this Framework Agreement on Transaction of Oil and Gas Pipeline Related Assets.

 

	“PipeChina”	  	means	  	 China Oil&Gas Pipeline Network Corporation.
  

	“PetroChina”	  	means	  	 PetroChina Company Limited.
  

	“Target Assets” or
“Appraised Assets”	  	has	  	 the meaning set forth in Section 1.1, including Equity Assets and Non-equity Assets, among
which, the term “Equity Assets” refers to PetroChina’s equity interests in the Target Companies listed on Appendix 3 that PetroChina intends to sell to PipeChina; and the term “Non-equity
Assets” refers to the oil and gas pipelines, gas storage facilities and LNG terminals and their accessory facilities, initial gas and oil inventory and other related assets owned by PetroChina that PetroChina intends to sell to PipeChina, as
set forth in further detail in Appendix 3.
  

	this “Transaction” or “Acquisition”	  	means	  	 the transaction contemplated by this Agreement through which PetroChina intends to sell to PipeChina, and PipeChina intends to purchase and
take over all the Target Assets listed on Appendix 3 in accordance with the terms and conditions set forth in this Agreement.
  

	“Relevant Investors”	  	means	  	 all the investors participating in the Restructuring other than PetroChina, as recorded in the new articles of association of PipeChina upon
completion of the Restructuring.
  

	“Restructuring”	  	means	  	 collectively all the transactions through which the Relevant Investors intend to subscribe for shares in PipeChina by a combined payment
partly in cash and partly in kind and this Transaction. It is intended that PipeChina will have a registered capital of RMB500 billion upon consummation of the Restructuring.

 

  
 23 

					
	“Asset Appraisal Report”	  	means	  	 the Asset Appraisal Report (Reference No.: China United Assets Appraisal Group Limited Appraisal Report Zi [2020]
No. 888) prepared in connection with the transaction through which China Oil&Gas Pipeline Network Corporation intends to purchase certain oil and gas pipeline related assets from PetroChina Company Limited by issuing
additional shares and paying cash to PetroChina Company Limited as the consideration.
  

	“Transaction Consideration”	  	has	  	 the meaning set forth in Article 2.
  

	“Cash Consideration”	  	has	  	 the meaning set forth in Article 2.
  

	“Equity Consideration”	  	has	  	 the meaning set forth in Article 2.
  

	“Closing”	  	means	  	 the completion of the sale and purchase of the Target Assets in accordance with Article 4 of this Agreement.

 

	“Affiliate”	  	means	  	 with respect to either Party, any entity controlled by such Party, or the parent company of such Party, or any entity controlled by the
parent company of such Party from time to time.
  

	“Transitional Period”	  	means	  	 the period between the Base Date (excluding the very Day) and the Closing Date (including the very Day).

 

	“Base Date”	  	means	  	 December 31, 2019, the base date specified in the Asset Appraisal Report

 

	“Closing Date”	  	means	  	 September 30, 2020
  

	“Target Companies” or “Equity Entities” or “Equity Assets”	  	means	  	 those corporate legal persons listed as “Equity Assets” on Appendix 3.

 

	“Conditions Precedent”	  	means	  	 the conditions precedent listed in Section 4.1, and a “condition precedent” means any of them.

 

	“Signing Date”	  	means	  	 the date on which this Agreement is affixed with the signature of the legal representative or his/her authorised representative and the
company seal of each of PipeChina and PetroChina.
  

	“Handover”	  	means	  	 the handover of the Target Assets, employees, relevant information, and contracts between the Parties in accordance with Article 5 of this
Agreement.
  

  
 24 

					
	“Material Adverse Effect” or “Material Adverse Change”	  	means	  	 an event / change that causes an actual loss to the Target Assets 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 Assets and relevant business as a whole.

 

	“Novatable Contracts”	  	has	  	 the meaning set forth in Section 5.5(3).
  

	“Non-novated Contracts”	  	has	  	 the meaning set forth in Section 5.5(3).
  

	“Third Party”	  	means	  	 any entity or individual other than the Parties to this Agreement

 

	“joint work group”	  	has	  	 the meaning ascribed thereto in Article 6 of this Agreement.

 

	“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.
  

	“Completion of Handover”	  	means	  	 the completion of the Handover of the Target Assets, relevant documents, contracts, and maintenance work in accordance with Article 5 of this
Agreement, or as otherwise agreed between the Parties.
  

	“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”	  	include	  	 (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 surcharge, corporate income tax, individual income tax (if applicable), 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.

 

	“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 PetroChina’s accounts.
  

  
 25 

					
	“Target Assets Schedule”	  	means	  	 the Target Asset schedule to be checked and confirmed by both Parties in accordance with this Agreement.

 

	“Transaction Documents”	  	means	  	 this Agreement and the appendices hereto, any and all the supplementary agreements executed from time to time, the Asset Appraisal Report
(including the breakdowns of all the appraised assets), the amended articles of association of PipeChina and any other related documents.
  

	“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, 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.
  

	“Disclosing Party”	  	has	  	 the meaning set forth in Section 12.1.
  

	“Receiving Party”	  	has	  	 the meaning set forth in Section 12.1.
  

	“Confidential Information”	  	means	  	 with respect to the confidentiality obligations of PipeChina, any information relating to PetroChina or the Target Assets that is received or
possessed by PipeChina (or any of its Representatives), or any information relating to the Target Assets that is received or possessed by PipeChina prior to the Closing; and with respect to the confidentiality obligations of PetroChina, any
information relating to PipeChina that is received or possessed by PetroChina (or any of its Representatives), or any information relating to the Target Assets that is received or possessed by PetroChina, whether prior to or after the Closing, or
any information relating to the terms of this Agreement or any other Transaction Document or the negotiations thereon.
  

	“Restructuring Date”	  	means	  	 the date on which this Agreement comes into force and each Target Company has completed the amended registration with the local
administration for market regulation; provided however, that the date on which this Agreement comes into force shall be deemed as the Restructuring Date where the procedures necessary for effectuation of all the equity transfers involved in this
Transaction fail to be completed within 12 months after this Agreement comes into force.
  

	“CIETAC”	  	has	  	 the meaning set forth in Section 22.3.
  

  
 26 

					
	“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 Day other than Saturday, Sunday and national holidays announced by the Chinese government.

 

	“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, in terms of law applicability.
  

  

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

 

	 	(1)	 When a reference is made in this Agreement to a “person”, such reference shall include any
individual, firm, group, company (whether or not possessing the independent legal person status), government (including but not limited to central and local governments and the departments thereof), joint venture, association, partnership, public
institution, works council, or employee representative organisation (whether or not possessing the independent legal person status); 

  

	 	(2)	 When a reference is made in this Agreement to an “Article”, such reference shall be to any article of
this Agreement; 

  

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

  

	 	(4)	 All references to currency or monetary values in this Agreement shall mean RMB, and 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; 

  

	 	(5)	 Expressions following such words or phrases as “include”, “includes”,
“including”, “in particular”, or words or phrases of similar import are for illustrative purposes only and are not intended to limit the meaning of the expressions preceding such words or phrases; 

 

	 	(6)	 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 law or regulation (including rule) 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 PipeChina’s or PetroChina’s obligations under this Agreement. 

  
 27 

	3.	 Appendices. All appendices hereto shall constitute an integral part of this Agreement.

  

	4.	 Discrepancy. In the event of any discrepancy between any definition set forth in Appendix 1 and any
definition set forth in any article hereof or any other appendix hereto, the definition set forth in such article or other appendix shall prevail for purposes of the interpretation of such article or other appendix. 

  
 28 

 APPENDIX 2: SHAREHOLDING STRUCTURE POST RESTRUCTURING 

While PipeChina negotiates this Agreement with PetroChina, it is negotiating with other relevant persons who own certain oil and gas pipeline related assets
for the purchase of assets from such persons by issuing equity interests or paying cash to such persons as consideration, and with other Relevant Investors separately regarding such investors’ subscription of PipeChina’s equity interests
by cash payments. Each of the abovementioned Relevant Investors will subscribe for the new PipeChina equity at the same price. The Parties hereby further agree and acknowledge that PipeChina’s shareholding structure immediately after
consummation of the Restructuring shall be as set forth below, and will be recorded into PipeChina’s articles of association amended to reflect the changes to PipeChina as a result of the consummation of the Restructuring: 

 

									
	 Name of Investors
	  	Capital
Contribution (in
RMB billion)	 	  	Shareholding
(%)	 
	 PetroChina Company Limited
	  	 	149.50	 	  	 	29.90	% 
	 China Chengtong Holdings Group Ltd.
	  	 	64.35	 	  	 	12.87	% 
	 China Reform Holdings Corporation Ltd.
	  	 	64.35	 	  	 	12.87	% 
	 National Council for Social Security Fund
	  	 	50.00	 	  	 	10.00	% 
	 China Petroleum & Chemical Corporation
	  	 	47.10	 	  	 	9.42	% 
	 China Insurance Investment Co., Ltd.
	  	 	45.00	 	  	 	9.00	% 
	 SINOPEC Gas Company
	  	 	22.90	 	  	 	4.58	% 
	 State-owned Assets Supervision and Administration Commission
	  	 	22.30	 	  	 	4.46	% 
	 CNOOC Gas and Power Group
	  	 	14.50	 	  	 	2.90	% 
	 CIC International Co., Ltd.
	  	 	10.00	 	  	 	2.00	% 
	 Silk Road Fund Co., Ltd.
	  	 	10.00	 	  	 	2.00	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	500.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 

  
 29 

 APPENDIX 3: TARGET ASSETS AND PAYMENT METHOD 

Pursuant to Article 1 of this Agreement, the Target Assets shall be the Equity Assets and Non-equity
Assets (including oil and gas pipelines, gas storage facilities, LNG terminals, and their accessory facilities, initial oil and gas inventory) owned by PetroChina prior to the Closing Date that both Parties agree to be injected / transferred to
PipeChina, as set forth in further detail in the scope of appraised assets identified in the Asset Appraisal Report. 
 1. Target Assets Schedule 

 

							
	 	  	 No.
	  	 Company Name
	  	 Methods of

Payment

				
	Equity Assets	  	1	  	PetroChina Pipeline Co., Ltd.	  	Equity & Cash
	  	2	  	PetroChina Shandong Gas Pipeline Co., Ltd.	  	Equity & Cash
	  	3	  	PetroChina Shandong Oil Transmission Co., Ltd.	  	Equity & Cash
	  	4	  	PetroChina Huixin Oil Products Storage and Transmission Co., Ltd.	  	Equity & Cash
	  	5	  	PetroChina Jilin Gas Pipeline Co., Ltd.	  	Equity & Cash
	  	6	  	PetroChina Guizhou Natural Gas Pipeline Network Co., Ltd.	  	Equity & Cash
	  	7	  	Jiangxi Natural Gas Investment Co., Ltd.	  	Equity & Cash
	  	8	  	Shengang Natural Gas Pipeline Co, Ltd.	  	Equity & Cash
	  	9	  	Jiangsu Rudong United Pipeline Co., Ltd.	  	Cash
	  	10	  	PetroChina Jilin Natural Gas Pipeline Network Co., Ltd.	  	Cash
	  	11	  	Fujian Natural Gas Pipeline Network Co., Ltd.	  	Cash
	  	12	  	Guangdong Natural Gas Pipeline Network Co., Ltd.	  	Cash

  
 30 

							
	 	  	 No.
	  	 Company Name
	  	 Methods of

Payment

				
	Non-equity Assets	  	1	  	PetroChina Pipeline Company (the closing with respect to this entity will be consummated by delivery to PipeChina of 100% equity interests in this entity after it is converted into a wholly-owned subsidiary of PetroChina)	  	Cash
	  	2	  	PetroChina Southwest Pipeline Company (Delivery of 100% equity by changing into a wholly owned subsidiary)	  	Cash
	  	3	  	PetroChina West-To-East Gas Pipeline Company	  	Cash
				
	Non-equity Assets	  	4	  	PetroChina West Pipeline Company	  	Cash
	  	5	  	PetroChina Pipeline Construction Project Management Department	  	Cash
	  	6	  	PetroChina Beijing Oil and Gas Control Center	  	Cash
	  	7	  	PetroChina Northwest Marketing Company—Nanning Oil Storage Facility	  	Cash
	  	8	  	PetroChina Shenzhen LNG Project Management Department	  	Cash
	  	9	  	Initial Oil and Gas Inventory	  	Cash

  
 31 

 2. Equity Assets – Basic Company Information 

 

													
	 No.
	  	 Company Name
	  	 Principal Business Activities
	  	Registered
Capital (in
RMB million)	  	Equity
Interests Held
by
PetroChina
(%)	  	 Domicile
	  	Date of
Establishment
	1	  	PetroChina Pipeline Co., Ltd.	  	Pipeline transportation; project investments; importation and exportation of goods, acting as importation and exportation agent and importation and exportation of technology; technology promotion services; professional contracting
and EPC contracting.	  	80,000	  	72.2616%	  	Room 2510, Building 3, No. 9 Chaoqian Road, Science Park, Changping District, Beijing	  	Nov 23, 2015
							
	2	  	PetroChina Shandong Gas Pipeline Co., Ltd.	  	Natural gas pipeline transmission and related business(; provided, that the company may not commence official operation until after it has received safety production license).	  	1,170	  	70%	  	2nd Floor, Huate Plaza Area A, No. 17703 Jingshi Road, Ji’nan	  	Jun 18, 2010
							
	3	  	PetroChina Shandong Oil Transmission Co., Ltd.	  	Crude oil pipeline construction and transmission(; provided that, the company may not commence any line of business requiring regulatory approvals under law until after receipt of the required approvals from the competent
governmental authorities).	  	762	  	70%	  	No. 27 Huanghe Road, Dongming County, Shandong Province	  	Oct 29, 2009
							
	4	  	PetroChina Huixin Oil Products Storage and Transmission Co., Ltd.	  	Warehousing (other than hazardous substances); storage of crude oil (at South 2nd Road, Nanjiang Dock, Tianjin Port); storage of hazardous chemicals subject to required approval
certificate; fuel oil marketing; and oil pipeline maintenance(; provided, that the company may not commence any line of business requiring regulatory approvals under law until after receipt of the required approvals from the competent governmental
authorities).	  	240	  	51%	  	Room 212-09, 2nd Floor, Office Building D, Complex Service Office Area, Tianjin Economic-Technological Development Area	  	Dec 6, 2005
	5	  	PetroChina Jilin Gas Pipeline Co., Ltd.	  	Natural gas pipeline transmission services; pipeline engineering construction, maintenance and emergency repair(; provided, that the company may not commence any line of business requiring regulatory approvals under law until after
receipt of the required approvals from the competent governmental authorities).	  	500	  	60%	  	Rm. 407, No. 306 South Alley, Huguang Road, Chaoyang District, Changchun	  	May 12,
2009

  
 32 

													
	 No.
	  	 Company Name
	  	 Principal Business Activities
	  	Registered
Capital (in
RMB million)	  	Equity
Interests Held
by
PetroChina
(%)	  	 Domicile
	  	Date of
Establishment
	6	  	PetroChina Guizhou Natural Gas Pipeline Network Co., Ltd.	  	The Company may not engage in any line of business that is prohibited by any law, regulation or decision of the State Council; may not commence any line of business requiring regulatory permits (or approvals) under any law,
regulation or decision of the State Council until after receipt of the required permits or approvals from the competent examination and approval authorities and shall conduct such line of business in accordance with such permits (or approvals); may
autonomously choose to engage in any line of business not requiring any regulatory permits (or approval) under any law, regulation or decision of the State Council; (and may engage in long distance pipeline operation, management, and construction
subject to prior regulatory approvals).	  	300	  	60%	  	Room B241, Standard Workshop Auxiliary Room, Jinyang Science and Technology Industrial Park, Guiyang National High-tech Industrial Development Zone, Guiyang, Guizhou Province	  	Sep
28,
2012

  
 33 

													
	 No.
	  	 Company Name
	  	 Principal Business Activities
	  	Registered
Capital (in
RMB million)	  	Equity
Interests Held
by
PetroChina
(%)	  	 Domicile
	  	Date of
Establishment
	7	  	Jiangxi Natural Gas Investment Co., Ltd.	  	Planning, investment, construction and management of natural gas pipeline networks; planning, investment, construction and management of urban gas pipeline network projects; construction, design, installation, maintenance of gas
construction projects; procurement and transmission of natural gas; operation of natural gas pipeline networks; construction, management, operation and marketing in Jiangxi Province of compressed natural gas (CNG), liquefied natural gas (LNG) (only
for those branches possessing relevant permits), natural gas vehicle fueling stations, mobile pressure vessel /cylinder filling stations, and coal bed methane and other energy projects; sales, installation and maintenance of kitchenware and gas
appliances; wholesale and retail of daily necessities; leasing of complete equipment; information consulting services(; provided, that the company may not commence any line of business requiring regulatory approvals under law until after receipt of
the required approvals from the competent governmental authorities).	  	400	  	50%	  	No. 238, Wuyi Road, Nanchang County, Nanchang, Jiangxi Province	  	May 11,
2010
							
	8	  	Shengang Natural Gas Pipelines Co., Ltd.	  	General business activities: construction, ownership, management and maintenance of the Hong Kong Branch Pipeline Project of the Second West to East Gas Pipeline Project, and provision of natural gas transmission services through
the Hong Kong Branch Pipeline.	  	1,226.58	  	60%	  	West Half of 22nd Floor, Building A, Shenzhen International Innovation Center, 1006 Shennan Avenue, Huafu Street, Futian District, Shenzhen	  	Dec 12,
2013

  
 34 

													
	 No.
	  	 Company Name
	  	 Principal Business Activities
	  	Registered
Capital (in
RMB million)	  	Equity
Interests Held
by
PetroChina
(%)	  	 Domicile
	  	Date of
Establishment
	9	  	Jiangsu Rudong United Pipeline Co., Ltd.	  	Construction of oil and gas pipelines; operation of the Rudong – Haimen – Chongming Island Natural Gas Pipeline Transmission Project; pipeline natural gas technical services, equipment and facilities maintenance,
inspection and repair services, and management of third party natural gas sub-transmission stations upon entrustment of third party companies; equipment leasing services(; provided, that the company may not
commence any line of business requiring regulatory approvals under law until after receipt of the required approvals from the competent governmental authorities).	  	400	  	50%	  	Comprehensive Business Building, Yangkou Port Economic Development Zone, Jiangsu Province (Brigade 9, Gangcheng Village, Changsha Town)	  	Jul
2,
2015
	10	  	PetroChina Jilin Natural Gas Pipeline Network Co., Ltd.	  	pipeline engineering construction, maintenance and emergency repair(; provided, that the company may not commence any line of business requiring regulatory approvals under law until after receipt of the required approvals from the
competent governmental authorities).	  	481.40	  	51%	  	No. 1119, Jingyang Road, Lvyuan District, Changchun	  	Sep
2,
2016
							
	11	  	Fujian Natural Gas Pipeline Network Co., Ltd.	  	Marketing of pipeline gas, cylinder gas, gas offered at fueling stations for natural gas vehicles and other types of gas; construction of gas supply facilities and gas supply pipeline facilities; gas warehousing (other than
hazardous chemicals); gas supply consulting services; gas project design services; retail of refined petroleum products (excluding hazardous chemicals and precursor chemicals)(; provided, that the company may not commence any line of business
requiring regulatory approvals under law until after receipt of the required approvals from the competent governmental authorities).	  	150.06	  	50%	  	17th Floor, Xinhe Plaza, 137 Wusi Road, Gulou District, Fuzhou, Fujian Province	  	Sep
17,
2015

  
 35 

													
	 No.
	  	 Company Name
	  	 Principal Business Activities
	  	Registered
Capital (in
RMB million)	  	Equity
Interests Held
by
PetroChina
(%)	  	 Domicile
	  	Date of
Establishment
	12	  	Guangdong Natural Gas Pipeline Network Co., Ltd.	  	Construction and operation of natural gas pipeline network in Guangdong Province; procurement, sales and transmission of natural gas and related business activities (the company may not commence any line of business requiring
regulatory approvals under any law, regulation or decision of the State Council until after receipt of the required permits or approvals from the competent examination and approval authorities and shall conduct such line of business in accordance
with such permits (or approvals)); importation and exportation of goods and technology (other than those lines of business prohibited by the laws or regulations. The Company may not commence any line business restricted by laws or regulations until
after receipt of the required permits) (. And to the extent that the operation of any lines of business is subject to the receipt of certain approvals, the company may not commence such line of business until after receipt of such approvals from
competent governmental authorities).	  	3,984.615385	  	23%	  	Room 502, Building A1, No. 191, Kexue Avenue, Science Park, Guangzhou Hi-tech Industrial Development Zone, Luogang District, Guangzhou	  	Mar
21,
2008

  
 36 

 APPENDIX 4: BANK ACCOUNT AND CONTACT INFORMATION OF THE PARTIES 

  
 37EX-4.10

 Exhibit 4.10 

China Oil&Gas Pipeline Network Corporation 

and 
 PetroChina Company
Limited 
  
  

 
 EQUITY ACQUISITION AGREEMENT ON
PETROCHINA PIPELINE CO., LTD. 
  
  

 
 July 2020 

Beijing 

 Table of Contents 
  

							
	1.	  	TARGET EQUITY	  	 	4	 
			
	2.	  	TRANSACTION CONSIDERATION AND METHOD OF PAYMENT	  	 	4	 
			
	3.	  	PROFITS AND LOSSES DURING THE TRANSITIONAL PERIOD AND ADJUSTMENTS FOR
EVENTS AFTER BASE DATE	  	 	5	 
			
	4.	  	CONDITIONS PRECEDENT TO CLOSING	  	 	7	 
			
	5.	  	CLOSING	  	 	7	 
			
	6.	  	JOINT WORK GROUP	  	 	9	 
			
	7.	  	SHAREHOLDER’S RIGHTS OF PETROCHINA	  	 	10	 
			
	8.	  	REPRESENTATIONS AND WARRANTIES OF PETROCHINA	  	 	10	 
			
	9.	  	REPRESENTATIONS AND WARRANTIES OF PIPECHINA	  	 	11	 
			
	10.	  	LIABILITY FOR BREACH	  	 	12	 
			
	11.	  	ANNOUNCEMENTS OF TRANSACTION INFORMATION	  	 	13	 
			
	12.	  	CONFIDENTIALITY	  	 	14	 
			
	13.	  	NO ASSIGNMENT	  	 	15	 
			
	14.	  	FURTHER ASSURANCE	  	 	15	 
			
	15.	  	TAXES AND EXPENSES	  	 	16	 
			
	16.	  	NOTICE	  	 	16	 
			
	17.	  	CONFLICTS WITH OTHER AGREEMENTS	  	 	17	 
			
	18.	  	WAIVERS, RIGHTS AND REMEDIES	  	 	17	 
			
	19.	  	LANGUAGE AND COUNTERPARTS	  	 	17	 
			
	20.	  	EFFECTIVENESS AND AMENDMENTS	  	 	17	 
			
	21.	  	SEVERABILITY	  	 	18	 
			
	22.	  	GOVERNING LAW AND DISPUTE RESOLUTION	  	 	18	 
			
	23.	  	MISCELLANEOUS	  	 	18	 
		
	 APPENDIX 1: DEFINITIONS AND
INTERPRETATION
	  	 	21	 
		
	 APPENDIX 2: BANK ACCOUNT
AND CONTACT INFORMATION OF THE PARTIES
	  	 	23	 
		
	 APPENDIX 3: SCHEDULE OF
OUTSIDE ASSETS
	  	 	23	 

 This Equity Acquisition Agreement on PetroChina Pipeline 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”) on July 23, 2020: 

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

Legal Representative: Zhang Wei 

Registered Address: Rooms 08-10, Floor 6, Building A, 5 Dongtucheng Road, 

Chaoyang District, Beijing 

PetroChina Company Limited (“PetroChina”)  

Legal Representative: Dai Houliang 

Registered Address: 16 Ande Road, Dongcheng District, Beijing 

Certain terms used in this Agreement shall have the meanings as defined and interpreted in Appendix 1. 

Whereas: 
  

	(A)	 On the Signing Date of this Agreement, PipeChina has a registered capital of RMB20 billion, and mainly
engages in pipeline transmission, storage services, equipment importation, technology importation and exportation, science and technology research, informatization research and application, and technology consulting, services, transfer and
promotion. PipeChina proposes to undertake a restructuring so as to increase its registered capital to RMB500 billion. 

  

	(B)	 PetroChina is a joint stock company, with its unified social credit code being 91110000710925462X.

  

	(C)	 PipeChina and PetroChina entered into a Framework Agreement on Transaction of Oil and Gas Pipeline Related
Assets dated July 23, 2020 (the “Framework Agreement”). 

  

	(D)	 PetroChina Pipeline Co., Ltd. (the “Target Company”) was established on November 23, 2015 and
its unified social credit code is 91110114MA00219G96. The Target Company is mainly engaged in pipeline transportation; project investments; importation and exportation of goods, acting as importation and exportation agent and importation and
exportation of technology; technology promotion services; professional contracting and EPC contracting (The Target Company may autonomously choose lines of business and conduct business activities in accordance with law; may not commence any line of
business requiring regulatory approvals under law until after receipt of the required approvals from the competent governmental authorities and shall conduct such line of business in compliance with such approvals; and may not conduct any business
activities that fall into the “prohibited” or “restricted” category under the industrial policies of the State or its home municipality). The Target Company currently has a registered capital of RMB80,000 million. The
registered address of the Target Company is Room 2510, Building 3, No. 9 Chaoqian Road, Science Park, Changping District, Beijing. PetroChina holds 72.2616% of the equity interests in the Target Company (the “Target Equity”,
represented by RMB57,809,240,132 in the registered capital of the Target Company as of the date hereof). 

  
 3 

	(E)	 On the terms and conditions set forth in this Agreement, PipeChina intends to purchase from PetroChina, and
PetroChina intends to sell to PipeChina, the Target Equity for a consideration consisting of (i) a certain portion of PipeChina’s restructured equity and (ii) a corresponding amount in cash. 

For purposes of this Agreement, each of PetroChina and PipeChina shall hereinafter be referred to individually as a “Party”, and
collectively as the “Parties”. 
 NOW, THEREFORE, for purposes of PipeChina’s acquisition of the Target Equity (this
“Acquisition”), after friendly negotiations and by adhering to the principle of equality and mutual benefit, the Parties enter into this Agreement as follows: 
  

	1.	 TARGET EQUITY 

 

	1.1	 The Parties agree that PipeChina shall purchase from PetroChina all of PetroChina’s 72.2616% equity
interests in the Target Company, and upon consummation of such purchase, PipeChina shall hold 72.2616% equity interests, and PetroChina shall cease to hold any equity interests in the Target Company. 

 

	1.2	 The specific scope of the Target Assets underlying the Target Equity is subject to the scope of the assets
appraised and recorded in the Asset Appraisal Report. 

  

	2.	 TRANSACTION CONSIDERATION AND METHOD
OF PAYMENT 

  

	2.1	 According to the Asset Appraisal Report, the appraised value of the Target Equity on the Base Date is equal to
RMB172,164,594,359.38 (in words: One Hundred and Seventy-Two Billion One Hundred and Sixty-Four Million Five Hundred and Ninety-Four Thousand Three Hundred and Fifty-Nine Point Three Eight Renminbi Yuan).

  

	2.2	 Both Parties agree that the transaction consideration for the Target Equity (the “Transaction
Consideration”) shall be determined on the basis of the appraised value of the Target Equity confirmed after the approval/record-keeping procedures are performed in accordance with applicable PRC laws and regulations, and subject to final
adjustments to be made for the Profits and Losses during the Transitional Period and for subsequent events after the Base Date under Article 3 of this Agreement. 

 

	2.3	 The Parties agree that PipeChina will pay the Transaction Consideration to PetroChina as follows:

  

	 	(1)	 For the consideration to be paid in the form of the equity interests in PipeChina (the “Equity
Consideration”) : Based on the appraised value of the Target Equity, PipeChina agrees to issue to PetroChina 28.3347% of PipeChina’s equity resulting from the Restructuring with a value equal to RMB141,673,500,000.00 (in words: One
Hundred and Forty-One Billion Six Hundred and Seventy-Three Million Five Hundred Thousand Renminbi Yuan only) (the “Equity Consideration”) in exchange for part of the Target Equity; and

  
 4 

	 	(2)	 For the consideration to be paid in the form of cash (the “Cash Consideration”): PipeChina
will pay PetroChina in cash the difference between the Transaction Consideration finally confirmed in Section 2.2 and the Equity Consideration agreed in Section 2.3(1). 

 

	2.4	 Both Parties agree that, PipeChina shall pay PetroChina the Equity Consideration and the Cash Consideration as
agreed below: 

  

	 	(1)	 payment of the Equity Consideration: PipeChina shall complete its amended business registration with the
competent administration for market regulation in relation to the Restructuring no later than 15 Business Days after the Closing Date, including but not limited to completing the registered capital change registration, 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 other relevant business particulars of PipeChina with the competent administration
for market regulation; 

  

	 	(2)	 first instalment of Cash Consideration: on October 15, 2020, PipeChina shall pay PetroChina 90% of
an amount equal to (i) the appraised value of the Target Equity as adjusted, minus (ii) the Equity Consideration, together with the interest accrued on the amount payable so calculated as above from October 1, 2020 to the date on
which such payment arrives at PetroChina’s designated bank account to be calculated at the RMB benchmark interest rate for demand deposits adopted by financial institutions during the same period. PipeChina shall procure that such payment will
arrive at PetroChina’s designated bank account on October 16, 2020; and 

  

	 	(3)	 second instalment of Cash Consideration: within 10 Business Days after completion of the Closing Audit
under Section 3.2, PipeChina shall pay an amount equal to (i) the Transaction Consideration finally determined under Section 2.2, minus (ii) the Equity Consideration, minus (iii) the first instalment of Cash Consideration
paid under Section 2.4(1) above, together with the interest accrued on the amount payable so calculated as above from October 1, 2020 to the date on which such payment arrives at PetroChina’s designated bank account to be calculated
at the RMB benchmark interest rate for demand deposits adopted by financial institutions during the same period. 

  

	2.5	 Unless otherwise notified in writing, PipeChina shall pay the Cash Consideration for this Acquisition to a bank
account designated by PetroChina, as set forth in detail in Appendix 2 hereto. 

  

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

 

	3.1	 For purposes of this Agreement, the term “Transitional Period” shall refer to the period between the
Base Date (excluding the very date) and the Closing Date (including the very date). 

  
 5 

	3.2	 Both Parties agree that, within 60 Days after the Closing Date of the Target Equity, PipeChina and PetroChina
shall cause an audit to be conducted on the Target Equity and have an audit report issued thereon (the “Closing Audit “) for the purpose of determining the profits and losses attributable to the Target Equity during the Transitional Period
and the adjustments for subsequent events after the Base Date. The Closing Audit shall be performed by an accounting firm qualified for securities and futures business practice jointly engaged by and acceptable to both Parties, and the audit fee
shall be equally shared between the Parties. 

  

	3.3	 Profits and losses during the Transitional Period. PipeChina agrees that, the profits and losses
generated by the Target Company in the Transitional Period shall belong to PetroChina. Any distributable profits of the Target Company that are declared for distribution during the Transitional Period shall be excluded from the Transaction
Consideration. To the extent that as determined in the Closing Audit any net profits are generated by the Target Company during the Transitional Period or the net asset value increases as a result of other profits and losses incurred during the
Transitional Period, PipeChina agrees that PetroChina is entitled to obtain such increased income through dividend distribution by the Target Company. Dividend resolutions of the Target Company shall be declared prior to 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 PetroChina through dividend shall be included into the Cash Consideration, and shall be paid
no later than the payment of the second instalment of the Cash Consideration. In the event that the Target Company suffers a loss or the net asset value decreases as a result of other profits and losses arising during the Transitional Period,
PetroChina agrees that PipeChina shall have priority to deduct in proportion to the Target Equity the corresponding amount from the Cash Consideration not yet paid. To the extent that the unpaid Cash Consideration isn’t sufficient to cover such
loss or decrease, the shortfall shall be paid by PetroChina to PipeChina in cash no later than the payment of the second instalment Cash Consideration of this Acquisition. 

 

	3.4	 Adjustments for subsequent events after the Base Date. The amount of any distributable profits generated
by the Target Company before the Base Date that are declared for declaration during the Transitional Period shall be excluded from the Transaction Consideration. To the extent that as determined in the Closing Audit, there is a decrease in the net
asset value of the Target Company as a result of the adjustments for subsequent events after the Base Date, PetroChina agrees that PipeChina shall have priority to deduct in proportion of the Target Equity the corresponding amount from the Cash
Consideration not yet paid. To the extent that the unpaid Cash Consideration cannot cover the decrease, the shortfall shall be paid by PetroChina to PipeChina in cash no later than the payment of the second instalment Cash Consideration of this
Acquisition. On the contrary, in the event that there is an increase in the net asset value of the Target Company as a result of the adjustments for subsequent events after the Base Date, PipeChina agrees that PetroChina is entitled to obtain such
increased income through distribution of distributable profits attributable to the Target Equity. The dividend resolution of the Target Company shall be declared prior to 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 or distribution during the Transitional Period shall be excluded from the Transaction Consideration. Any amount of such increased income that
cannot be obtained by PetroChina through dividend shall be included into the Cash Consideration, and shall be paid no later than the payment of the second instalment of the Cash Consideration. 

  
 6 

	4.	 CONDITIONS PRECEDENT TO CLOSING

  

	4.1	 The conditions precedent to the closing of this Acquisition shall be the same as the closing conditions set
forth in Section 4.1 of the Framework Agreement. 

  

	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. After the Signing Date, neither Party may engage in any act for the purpose of hindering or restricting the satisfaction of any condition precedent set forth in Section 4.1 of the
Framework Agreement. 

  

	4.3	 If for any reason not attributable to either Party, any condition precedent agreed in Section 4.1 of the
Framework Agreement fails to be satisfied or waived by September 30, 2021 (the “Long Stop Date”), each Party shall have the right to unilaterally terminate this Agreement in writing within 30 Days immediately following the Long Stop
Date without any liability. 

  

	5.	 CLOSING 

 

	5.1	 Closing date. Both Parties hereby acknowledge and agree that the ownership and risk of the Target Equity
will be transferred from PetroChina to PipeChina at 24:00pm on September 30, 2020 (the “Closing Date”). In the event that by September 30, 2020, not all the conditions precedent set forth in Section 4.1 of the Framework
Agreement have been satisfied or waived, the Parties shall further discuss and confirm another date for closing. 

  

	5.2	 Transfer of Target Equity and relevant obligations on the Closing Date. Starting from 24:00pm on the
Closing Date, the Target Equity will be deemed to have been transferred to 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 to complete the Target Company’s amended business registration with the competent administration for market regulation as explicitly stipulated in this Agreement, after the Closing Date (excluding the very date), PetroChina will no
longer assume 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 PetroChina in its operation and management
of the Target Company or as a result of any major defect existing in the Target Company in each case prior to the Closing Date, except as disclosed by PetroChina to PipeChina and reflected in the financial accounts, audit reports, or appraisal
reports of PetroChina and/or the Target Company, the Parties shall resolve the issue through amicable consultations. 

  
 7 

	5.3	 Both Parties agree to cooperate with each other and assist each other in the preparation for the completion of
the amended business registration for the Target Company, and work with each other to complete the Target Company’s amended business registration with the competent administration for market regulation starting from 24:00pm on the Closing Date.

  

	5.4	 Both Parties agree that the Target Company’s amended business registration shall be completed within 60
Days after the Closing Date, and the specific Handover procedures shall be performed in the manners agreed by both Parties. If the Target Company’s amended business registration fails to be completed prior to the expiration of the
above-mentioned 60-Day period due to PetroChina’s fault, PetroChina shall bear the liability for breach in accordance with Section 10.2; and if the Target Company’s amended business registration
fails to be completed prior to the expiration of the above-mentioned 60-Day period for any reason not attributable to PetroChina, the Parties agree to cooperate with each other to complete the Target
Company’s amended business registration as soon as possible as otherwise agreed by and between them. On the contrary, if the Target Company’s amended business registration fails to be completed prior to the expiration of the
above-mentioned 60-Day period due to PipeChina’s fault, PipeChina shall bear the liability for breach in accordance with Section 10.3; and if the Target Company’s amended business registration
fails to be completed prior to the expiration of the above-mentioned 60-Day period for any reason not attributable to PipeChina, the Parties agree to cooperate with each other to complete the Target
Company’s amended business registration as soon as possible as otherwise agreed by and between them. 

  

	5.5	 Special Covenants 

  

	 	(1)	 Both Parties agree that PetroChina shall make its best efforts to obtain prior to the Closing Date the written
documents from all the other shareholders of the Target Company evidencing such other shareholders’ approval of and waiver of their right of first refusal with respect to the transfer of the Target Equity contemplated hereunder. The Parties
shall no later than 60 Days after the Closing Date, complete the procedures necessary for the amended business registration and effectuation of the change in ownership with respect to the Target Company, 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 other relevant business particulars with the competent
administration for market regulation, and changing the name of the Target Company, such as removing such words as “PetroChina” or any variation thereof from the name of the Target Company, in connection with which, PetroChina shall render
assistance. 

  

	 	(2)	 Both Parties agree that PipeChina shall complete the amended business registration with the competent
administration for market regulation in relation to the Restructuring no later than 15 Business Days after the Closing Date, including but not limited to completing the registered capital change registration, 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 other relevant business particulars with the competent administration for market regulation, in
connection with which, PetroChina shall render assistance. 

  
 8 

	 	(3)	 Both Parties agree that the consummation of this Acquisition shall not change the independent legal person
status of the Target Company, and the creditor’s rights, debts, business, employment matters, and contracts of the Target Company shall continue to be enjoyed, borne and performed by the Target Company under PipeChina’s centralized
management. 

  

	 	(4)	 Should the Target Company or any of its assets bear the trademarks or logos of PetroChina, PipeChina shall
remove the relevant trademarks and logos within 6 months after the Closing Date as extended as otherwise agreed by PetroChina. 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) arising from the assets of the Target Company bearing PetroChina’s trademarks or logos shall be borne by PipeChina. 

  

	6.	 JOINT WORK GROUP 

 

	6.1	 Both Parties agree to cooperate with each other to procure that after execution of this Agreement they will
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 Acquisition. 

 

	6.2	 In order to ensure the smooth closing of the Target Equity, the stable operation of the Target Company, and the
normal operation of the business that depends on the 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, PetroChina agrees to operate the
Target Company in the ordinary course of business prior to the completion of the Target Company’s amended business registration with the competent administration for market regulation. For the avoidance of doubt, from and after 24:00pm on the
Closing Date, even if the Target Company’s amended business registration has not been completed by then, the operational risks and safe production responsibilities related to the Target Equity shall be actually borne by PipeChina. Both Parties
shall work with each other in a timely and proactive manner in the handling of the Target Company’s amended business registration to procure an earliest completion of the same in accordance with this Agreement, and shall not refuse or delay the
handling of the Target Company’s amended business registration. 

  

	6.3	 On the Signing Date, PetroChina is still in the process of undertaking a necessary internal restructuring of
certain assets, liabilities, personnel, etc., of the Target Company but not covered under the scope of asset appraisal (subject to the actual scope of asset appraisal), including but not limited to long-term equity investments and branch pipeline
related assets of the Target Company which are not included in the scope of asset appraisal (the “Outside Assets”). Both Parties agree and acknowledge that PetroChina shall make reasonable best efforts to complete such internal
restructuring prior to the Closing Date and work with PipeChina to handle the Target Company’s amended business registration in accordance with this Agreement. Any and all the taxes and expenses incurred by the Target Company in such internal
restructuring shall be recorded as profits and losses attributable to the Target Company during the Transitional Period. 

  
 9 

 Both Parties acknowledge that, the fact as to whether the internal restructuring described
in this Section is completed or not shall not change in any way the scope of the appraised assets of the Target Company. In consideration of the Outside Assets, no later than the payment of the second instalment of the Cash Consideration, PipeChina
shall pay PetroChina an appropriate amount in cash based on the appraised value of the Outside Assets as adjusted by the profits and losses arising during the Transitional Period and in proportion to the Target Equity held by PetroChina. The
schedule of the Outside Assets of the Target Company is attached hereto as Appendix 3. 
  

	7.	 SHAREHOLDER’S RIGHTS OF
PETROCHINA 

  

	7.1	 From and after the consummation of this Acquisition, PetroChina shall become a shareholder of PipeChina, and
have the shareholder rights in and to PipeChina as set forth in Article 7 of the Framework Agreement. 

  

	8.	 REPRESENTATIONS AND WARRANTIES OF
PETROCHINA 

  

	8.1	 PetroChina represents and warrants that, as of the Signing Date and the Closing Date, and prior to the
completion of the Target Company’s amended business registration, subject to such exceptions as are disclosed in the Transaction Documents: 

  

	 	(1)	 PetroChina is a joint stock company with full capacity for civil conduct under the laws of the PRC, and has the
right, power and capacity to enter into and perform this Agreement and all obligations and responsibilities hereunder, and PetroChina’s execution and performance of this Agreement will not conflict with or result in a violation of:

  

	 	i.	 any applicable provisions in any of PetroChina’s constitutional documents or any other relevant documents
or in any law, regulation or rule applicable to PetroChina; 

  

	 	ii.	 any material contract, agreement or license to which PetroChina is a party, or any order, judgement or decree
binding upon PetroChina entered by any court, governmental authority or regulatory authority; or 

  

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

  
 10 

	 	(2)	 Except as otherwise specified in this Agreement, PetroChina has obtained, or if not yet obtained, will make
every possible endeavor to obtain, all the licenses, authorizations and approvals necessary for PetroChina’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 PetroChina 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;

  

	 	(3)	 Any and all the materials related to the Target Equity provided by PetroChina 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; 

 

	 	(4)	 PetroChina has the legal ownership of and/or disposal rights to and in the Target Equity under this
Acquisition. Except as otherwise disclosed to PipeChina by PetroChina and reflected in the financial accounts, audit reports or asset appraisal reports of PetroChina and the Target Company, a) PetroChina has satisfied in accordance with applicable
laws its capital contribution obligations towards the Target Company, without any false capital contribution or surreptitious withdrawal of capital contribution, and the Target Equity is not subject to any undisclosed pledge, freeze, any other
encumbrance or security interest; b) PetroChina’s operation and management of the Non-equity Assets it intends to sell is consistent with the industrial practice; and 

 

	 	(5)	 PetroChina will complete the Closing and the Target Company’s amended business registration as soon as
possible in accordance with the terms and conditions set forth in this Agreement. 

  

	8.2	 If any unforeseeable situation occurs to PetroChina between the Signing Date and the Closing Date, which may
cause any representation, warranty or covenant made by PetroChina herein to be untrue, inaccurate or misleading in any material aspect, PetroChina will notify PipeChina in writing within 5 Days from the date of such occurrence.

  

	9.	 REPRESENTATIONS AND WARRANTIES OF
PIPECHINA 

  

	9.1	 PipeChina represents and warrants that, as of the Signing Date and the Closing Date, and prior to the
completion of the Target Company’s amended business registration, subject to such exceptions as are disclosed in the Transaction Documents: 

  

	 	(1)	 PipeChina is a limited liability company with full capacity for civil conduct under the laws of the PRC, and
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:

  

	 	i.	 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; 

  
 11 

	 	ii.	 any material contract, agreement or license to which PipeChina is a party, or any order, judgement or decree
binding upon PipeChina entered by any court, governmental authority or regulatory authority; or 

  

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

  

	 	(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;

  

	 	(3)	 Any and all the materials related to PiepeChina provided by PipeChina to PetroChina 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; 

 

	 	(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 the Target Company’s amended business registration as soon as possible; 

  

	 	(5)	 PipeChina warrants that after the completion of the Target Company’s amended business registration, the
business operation of the Target Company will remain normal and the quality of the services provided by the Target Company will not be lower than the current level. PipeChina undertakes that after the completion of the Target Company’s amended
business registration, it shall not take any material adverse action or allow any material adverse nonaction that may adversely affect PetroChina’s continuous normal use of the Target Company’s assets in its production or operation; and

  

	 	(6)	 PipeChina warrants that it will fully perform the Production and Operation Agreement and the supporting sub-agreements separately executed and effectuated by and between the Parties so as to support and secure the stable, continuous and safe production and operation of PetroChina. 

 

	9.2	 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 PetroChina in writing within 5 Days from the date of such occurrence. 

 

	10.	 LIABILITY FOR BREACH 

 

	10.1	 In the event that any representation and/or warranty made by either Party in this Agreement is untrue,
inaccurate or incomplete in any material aspect or contains any misstatement, omission or misleading statement in any material aspect, or violates any undertaking made by such Party 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. 

  
 12 

	10.2	 If PetroChina refuses to handle any amended registration with the competent administration for market
regulation for the Target Company as scheduled herein and required hereby, for each Day on which any such registration remains overdue, PetroChina shall pay PipeChina liquidated damages equal to 0.05% of the consideration for the Target Equity,
other than any delay in the completion of the Target Company’s amended business registration not attributable to the fault of PetroChina, including any delay as a result of Force Majeure or any reason on the part of PipeChina or any Third
Party. 

  

	10.3	 If PipeChina refuses to handle any amended registration with the competent administrations for market
regulation for the Target Company as scheduled herein and required hereby, for each Day on which any such registration remains overdue, PipeChina shall pay PetroChina liquidated damages equal to 0.05% of the consideration for the Target Equity,
other than any delay in the completion of the Target Company’s amended business registration not attributable to the fault of PipeChina, including any delay as a result of Force Majeure or any reason on the part of PetroChina or any Third
Party. 

  

	10.4	 If PipeChina fails to pay the Transaction Consideration in accordance with this Agreement, PipeChina shall pay
PetroChina liquidated damages at the rate of 0.05% per Day of the overdue payment, other than any failure to pay attributable to PetroChina’s fault. 

  

	10.5	 Unless PetroChina breaches this Agreement first or an event of Force Majeure (a “Force Majeure
Event”) occurs, to the extent that PipeChina fails to satisfy any condition precedent set forth in 4.1 (5) in the Framework Agreement, or fails to complete any amended business registration with the competent administration for market
regulation in relation to the Restructuring as required by 2.4(1) hereinabove, PetroChina shall have the right to bring a claim against PipeChina for the actual losses suffered by it arising from such failure. 

 

	11.	 ANNOUNCEMENTS OF TRANSACTION INFORMATION

  

	11.1	 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. 

 

	11.2	 The restrictions under Section 11.1 shall not apply in case either Party is required to publish a notice,
announcement or circular in relation to any restricted information specified in Section 11.1 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 legal force), 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 

	12.	 CONFIDENTIALITY 

 

	12.1	 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. 

  

	12.2	 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 as 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. 

  

	12.3	 The Receiving Party may provide the Confidential Information to its counsels, accountants, contractors and
consultants 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. 

  

	12.4	 In the event that the Receiving Party is required to disclose any Confidential Information by any rule of the
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. 

  
 14 

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

  

	12.6	 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. 

  

	12.7	 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. 

  

	13.	 NO ASSIGNMENT 

 

	13.1	 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 13 shall be null and void. 

  

	14.	 FURTHER ASSURANCE 

 

	14.1	 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. 

  

	14.2	 Each Party shall cause its Affiliates to comply with all the obligations expressly applicable to them.

  
 15 

	15.	 TAXES AND EXPENSES 

 

	15.1	 Subject to Section 15.2 and unless otherwise provided in this Agreement (or any other Transaction
Document), each Party shall bear its own costs, fees and any other expenses incurred by it in connection with this Acquisition. 

  

	15.2	 Pursuant to applicable laws, regulations or orders or decisions of the PRC, each Party shall bear and pay all
taxes arising from and all fees charged by competent governmental or regulatory authorities and stock exchanges in connection with this Agreement or any other Transaction Document. 

 

	15.3	 For purposes of this Acquisition, unless otherwise provided in laws or regulations and/or otherwise agreed
between the Parties, all fees, costs and expenses incurred in connection with the handling of the Target Company’s amended business registration shall be reasonably apportioned by the Parties and settled through negotiation.

  

	15.4	 Both Parties agree that the tax costs attached to the Target Equity shall be transferred together with the
Target Equity. For the avoidance of doubt, from and after the Closing Date, in the event that the 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 the Target Company. Where PetroChina or PipeChina is required to pay any additional tax or late payment penalty in connection therewith, such issue shall be resolved through amicable consultations between
the Parties. 

  

	15.5	 As long as this Acquisition is eligible for a special tax treatment, PipeChina shall guarantee that it will
adopt the principle of special tax treatment for this Acquisition in accordance with Notice of the Ministry of Finance and the State Administration of Taxation on Some Issues Concerning the Treatment of Corporate Income Tax in Enterprise
Restructuring (Finance & Tax [2009] No. 59), pursuant to which, within 12 months from the first Day after the Restructuring Date, PipeChina will not transfer any of its equity interests in the Target
Company in any manner, and PipeChina will procure to the extent of its rights as a shareholder, that the Target Company will not substantially change its original business activities. Accordingly, within 12 consecutive months from the first Day
after the date on which PetroChina is registered as a shareholder of PipeChina, PetroChina shall not transfer any of its equity interests in PipeChina. All the parties participating in the Restructuring, including PipeChina, the Target Company and
PetroChina, shall complete the tax declaration or filing in accordance with tax related requirements. In the event that either Party fails to comply with any of the foregoing undertakings or guarantees, the breaching Party shall be liable to the
other Party for the actual losses suffered by the other party arising from such failure. 

  

	16.	 NOTICE 

 

	16.1	 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 (a) upon delivery to the recipient if by personal delivery, or three Days after being sent out if by express mail service; or
(b) upon successful transmission by the sender as indicated on the fax machine if by fax; or (c) 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. 

  
 16 

	16.2	 The Parties’ contact details to be used for the purpose of Section 16.1, such as addresses and fax
numbers shall be as set forth in Appendix 2 hereto. 

  

	17.	 CONFLICTS WITH OTHER AGREEMENTS

  

	17.1	 The Framework Agreement, this Agreement and all the appendices thereto and hereto shall constitute all the
legal documents for this Acquisition. 

  

	17.2	 This Agreement shall upon execution, constitute an appendix to the Framework Agreement. In case of any conflict
between this Agreement and the Framework Agreement in terms of any provision, the Framework Agreement shall prevail. 

  

	18.	 WAIVERS, RIGHTS AND REMEDIES

  

	18.1	 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. 

  

	19.	 LANGUAGE AND COUNTERPARTS 

 

	19.1	 This Agreement is written in Chinese. This Agreement shall be executed in ten (10) counterparts with equal
legal force, five (5) for each party. 

  

	20.	 EFFECTIVENESS AND AMENDMENTS 

 

	20.1	 This Agreement shall be formed upon being signed by the authorized representatives and affixed with the company
seals of both Parties, and shall take effect on the date on which the Framework Agreement becomes effective. 

  

	20.2	 From the date of the formation of this Agreement, Article 11 (Announcements of Transaction Information),
Article 12 (Confidentiality), Article 13 (No Assignment), Article 15 (Taxes and Expenses), Article 16 (Notices), Article 17 (Conflicts with Other Agreements), Article 18 (Waivers, Rights and Remedies),
Article 20 (Effectiveness and Amendments), Article 21 (Severability), Article 22 (Governing Law and Dispute Resolution), and Appendix 1 (Definitions and Interpretation) shall be binding upon both Parties.

  

	20.3	 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 Parties’ legal representative or his/her authorized representative and stamped by the Parties. 

  
 17 

	21.	 SEVERABILITY 

 

	21.1	 Provisions in this Agreement and other Transaction Documents are severable. In the event that any provision in
this Agreement or any other Transaction Document 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 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 provision in such aspect. 

  

	22.	 GOVERNING LAW AND DISPUTE
RESOLUTION 

  

	22.1	 This Agreement shall be governed by and construed in accordance with the laws of the PRC.

  

	22.2	 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. 

 

	22.3	 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. 

 

	22.4	 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. 

  

	22.5	 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. 

  

	22.6	 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.

  

	22.7	 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. 

  

	23.	 MISCELLANEOUS 

 

	23.1	 Force Majeure 

  
 18 

 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 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. 

[End of text. Signature pages and appendices follow] 

  
 19 

 In witness whereof, the Parties have signed the Equity Acquisition Agreement on PetroChina Pipeline Co.,
Ltd. on the date first written above. 
  

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

		 	 Legal representative or his/her
 authorized
representative
	 		 	 Legal representative or his/her
 authorized
representative

				
		 	Dated and signed on July 23, 2020	 		 	Dated and signed on July 23, 2020

  
 20 

 APPENDIX 1: DEFINITIONS AND INTERPRETATION 

 

	1.	 Definitions. Capitalized terms used in this Agreement if not otherwise defined herein shall have the
meanings ascribed thereto in Appendix 1 to the Framework Agreement. For purposes of this Agreement, the following terms shall have the meanings set forth below: 

 

					
	this “Agreement”	  	 means
	  	this Equity Acquisition Agreement on PetroChina Pipeline Co., Ltd.
			
	“Framework Agreement”	  	 means
	  	the Framework Agreement on Transaction of Oil and Gas Pipeline Related Assets entered into by and between PipeChina and PetroChina on July 23, 2020.
			
	“Target Company”	  	 means
	  	PetroChina Pipeline Co., Ltd., with its unified social credit code being 91110114MA00219G96.
			
	“Target Equity ”	  	 means
	  	72.2616% of the equity interests in the Target Company, represented by RMB 57,809.240132 million in the registered capital of the Target Company as of the date hereof.
			
	this “Acquisition”	  	 means
	  	the transaction contemplated by this Agreement through which PipeChina will purchase the Target Equity from PetroChina in accordance with this Agreement.
			
	“Asset Appraisal Report”	  	 means
	  	the Asset Appraisal Report (Reference No.: China United Assets Appraisal Group Limited Appraisal Report Zi [2020] No. 888) prepared in connection with the transaction through which
China Oil&Gas Pipeline Network Corporation intends to purchase certain oil and gas pipeline related assets from PetroChina Company Limited by issuing additional shares and paying cash to PetroChina Company Limited as the consideration.
			
	“Transaction Consideration”	  	 has
	  	the meaning set forth in Article 2.
			
	“Equity Consideration”	  	 has
	  	the meaning set forth in Article 2.
			
	“Cash Consideration”	  	 has
	  	the meaning set forth in Article 2.
			
	“Signing Date”	  	 means
	  	the date on which this Agreement is affixed with the signature of the legal representative or his/her authorised representative and the company seal of each of PipeChina and PetroChina.

  
 21 

					
	“Restructuring Date”	  	means	  	the date on which this Agreement comes into force and each Target Company has completed the amended registration with the local administration for market regulation; provided however, that the date on which this Agreement comes into
force shall be deemed as the Restructuring Date where the Target Company’s amended business registration fails to be completed within 12 months after this Agreement comes into force.

  

	2.	 Interpretation. Interpretation of relevant terms used in this Agreement shall be consistent with the
Framework Agreement. 

  
 22 

 APPENDIX 2: BANK ACCOUNT AND CONTACT INFORMATION OF THE PARTIES 

APPENDIX 3: SCHEDULE OF OUTSIDE ASSETS 
  

							
	 No.
	  	 Name
	  	 Category
	  	 Note

	1	  	Shanghai Shengda Base Real Estate Co., Ltd.	  	Long-Term Equity Investment	  	100% owned by the Target Company
				
	2	  	Dingyuan-Hefei Branch Line	  	Fixed Assets	  	
				
	3	  	Changcheng Aluminum Branch Line	  	Fixed Assets	  	
				
	4	  	Yangba Branch Line	  	Fixed Assets	  	
				
	5	  	Wangting Branch Line	  	Fixed Assets	  	
				
	6	  	Jinling Power Plant Branch	  	Fixed Assets	  	
				
	7	  	Luoyang Branch Line	  	Fixed Assets	  	
				
	8	  	Jiayuguan City Gas Supply Branch	  	Fixed Assets	  	
				
	9	  	Wuwei Sub-transmission Branch Line	  	Fixed Assets	  	
				
	10	  	Jiuquan Gas Supply Branch Line	  	Fixed Assets	  	
				
	11	  	Zhangye City Gas Supply Branch Line	  	Fixed Assets	  	
				
	12	  	Jinchang Sub-transmission Branch Line	  	Fixed Assets	  	

  
 23 

							
				
	13	  	Wuhan-Huangshi Branch Line	  	Fixed Assets	  	
				
	14	  	Jingtai Branch Line	  	Fixed Assets	  	
				
	15	  	Baiyin Branch Line	  	Fixed Assets	  	
				
	16	  	Cebei—Xi’ning-Lanzhou Pipe- Liuhua Branch Line	  	Fixed Assets	  	
				
	17	  	Lanzhou Aluminum Branch Line	  	Fixed Assets	  	
				
	18	  	Xi’ning Branch Line	  	Fixed Assets	  	
				
	19	  	Southwestern Gansu Branch Line	  	Fixed Assets	  	
				
	20	  	Northern Xinjiang Connection Line	  	Fixed Assets	  	
				
	21	  	Urumqi Petro Branch Line	  	Fixed Assets	  	
				
	22	  	Terminal Station of Urumqi Petrochemical	  	Fixed Assets	  	
				
	23	  	Wangjiagou Oil Depot (including 434,500m3 refined oil storage tanks, Wangjiazhou-Urumqi Petrochemical Crude Oil Pipeline, Urumqi-Wangjiagou Refined Oil Pipeline, Urumqi-Wangjiagou
Refined Oil Double Line and station valve chambers)	  	Fixed Assets	  	

  
 24 

							
				
	24	  	Korla Crude Oil Station 145,000m3 storage tanks, pig receiving systems, metering room and other related supporting facilities (within the scope of the terminal station of the
original Lunnan-Korla Line)	  	Fixed Assets	  	

  
 25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]