China-based oil and gas producer PetroChina has announced plans to acquire three natural gas storage hubs from China National Petroleum Corporation (CNPC) for 40.01bn yuan ($5.59bn), exclusive of tax.

The move is aimed at enhancing the company's natural gas industrial chain and ensuring stable operations.

The acquisition includes the entire equity interests in Xinjiang Gas Storage, Xiangguosi Gas Storage and Liaohe Gas Storage, with the respective considerations amounting to 17.06bn yuan, 9.99bn yuan and 12.95bn yuan.

These facilities are primarily focused on the business of gas injection into gas storage tanks and management of gas production.

This strategic purchase is set to add 10.97 billion cubic metres of working gas storage capacity to PetroChina's portfolio.

The company aims to develop gas storage and peak-shaving capabilities that are in line with its natural gas sales volumes, thereby maximising the adjustment efficiency and overall advantages of the natural gas industry chain.

PetroChina also reported its first-half (H1) net income. The company has seen steady growth in oil and gas output, further advancement in refining and chemical operations transformation, and growth in domestic sales of natural gas, refined products and chemical products.

PetroChina's new energy, materials and business sectors have also seen accelerated development, leading to operating outcomes that surpassed expectations.

The oil and gas producer reported revenue of 1.5trn yuan for H1 2025, as per IFRS, with the gas segment earning 18.6bn yuan, an increase from the previous year.