5 Biggest Chinese State-owned Companies

2. China National Petroleum Corporation

Annual Revenue 2021: $411.6 billion

China National Petroleum Corporation is wholly owned by the SASAC, and it is an integrated global energy business with businesses ranging from oil and gas exploration and production to providing oilfield services, petroleum engineering, and new energy development. As per its website, it has business interests in more than 30 countries.

CNPC also owns more than 80% shareholding in PetroChina, its publicly traded subsidiary. PetroChina is China’s largest oil and gas producer and distributor, accounting for roughly 50% and 60% of domestic oil and gas production output, respectively.