CNPC to Hedge Risk with 'Captive' Insurance JV

China National Petroleum Corp. (CNPC), the country's largest oil and gas producer, will form a captive insurance joint venture (JV) with its listed subsidiary PetroChina Co. Ltd., a move that will enable CNPC to manage risk exposure more effectively.

CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally reputed contractor in engineering construction. With a presence in almost 70 countries, we are seeking an even greater international role. We provide energy in a profitable manner, and always attach great importance to our social and environmental responsibilities.