BP is one of the world's largest energy companies. In 2004, BP ranked second in the Fortune 500, and topped the list of world's "best major enterprises" published by Forbes magazine.

The new BP, an oil major formed mainly by four heritage companies of former British Petroleum, Amoco, Arco and Castrol, has business operation in 105 countries all over the world, supported by a complete set of business system. Its major business segments are: oil and gas E&P, natural gas, power generation and renewables, oil refining, marketing and petrochemical. BP is listed in all major capital markets worldwide with market capitalization of over $200 billion by Dec 31, 2004.

The greatest feature of BP lies in its ability to be not abided by conventional approach to major commercial activities. BP is always seeking to adopt innovative ways and dare to put them into practice. With its sharp strategic vision, it has been a first mover in seizing major business opportunities, in access to new market or in creating new value. For example, in 1997 BP was the first major oil company to invest in Russia and in 2003, it created Russia's third largest oil company-TNK-BP; In 1998, BP took the lead by fusing with Amoco, precipitating the new wave of oil mergers; In 1999, BP was the first to establish Gas & Power business unit. These major commercial deals made BP the trend-setter in the ever-changing market today, which brought significant changes to the whole industry. BP is also a world leader in energy trading. Based on its thorough understanding of the world energy market, through adopting a set of proven market operation practices, BP is able to mitigate risks and obtain maximum value by optimizing its global distribution system. Its years of experiences as a major international energy investor made it understand the complex economic, political and social background of world's major oil and gas resource nations, and allows it to maintain good relations with governments of these nations. BP shares the value of cooperation and mutual benefit, and has experience and capability in managing extremely complex mega multinational commercial projects. In addition, BP has distinctive strengths in energy statistics and information, risk assessment and management, corporate governance, and HSE. It actively participates in the discussion of major global hot issues (like global climate change and greenhouse gas emission) and put into practice mitigation measures.

BP started its China business in 1973, and its business went through three major stages: in the 1970's, it focused on technology transfer and marketing of chemical industry. In the 1980's, it started the offshore and onshore oil and gas exploration and production. Since mid 1990's, BP started massive capital investment and JV production in China. So far, BP has invested a total of $3 billion in China, which ranks it one of China's largest foreign investors. BP runs 30 joint ventures and wholly-funded enterprises in China, with a total number of 3,000 employees. Its core business is in Yangtze River Delta and Pearl River Delta, and it is the first foreign company to establish a large joint venture in the western region (Chongqing). BP's China business include: gas production and import, aviation fuel oil supply, import and marketing of LPG and LNG, fuel oil retailing, lubricants, photovoltaic facilities, chemical industry enterprises and technology transfer of chemical industry.

Apart from above businesses, BP also works with the Chinese Academy of Science (CAS) and Tsinghua University to promote the R&D on China's clean energy technology by investing $10 million. As part of that project, "BP Clean Energy Research and Education Centre" was set up in Tsinghua University. Furthermore, BP is cooperating with MOST to establish demonstration projects in Beijing and Shanghai, which will supply hydrogen to hydrogen-fuelled vehicles. Through cooperation with CAS, BP designed and constructed an on-grid photovoltaic power generation system with generation capacity of 1 MW in Shenzhen, which is the largest in China. By the end of 2004, BP has invested over $7 million in China's public welfare activities. BP's broad participation in those activities gained it "2004 China Best Corporate Citizen Award", an award jointly elected by "21 Century Economic Report" and "21 Century Business Review".

Editor: Donald