The China National Petroleum Corporation (CNPC) announced that it overtook U.S. giant Chevron and France's Total to become the world's seventh largest oil firm in 2005.

The CNPC has been listed among the world's 10 largest for six straight years and retained its best place of No. 9 till 2004. It's also the only Chinese oil firm among the world's top 10. The company's rising position was mainly boosted by its growing oil and gas reserves abroad.

In August 2005, the largest oil producer in China was approved to acquire Canada-based PetroKazakhstan Inc. (PK) for 4.18 billion U.S. dollars. The largest overseas takeover transaction ever made by a Chinese company was considered an important step for China to diversify its overseas oil business geologically by turning from traditional partners in the Middle East and Africa to Central Asia.

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