On July 1, Kunlun Trust Co., Ltd., a new component of CNPC's finance sector, inaugurated in Ningbo, eastern China's Zhejiang Province.
On formal approval of China Banking Regulatory Commission, China Petroleum Finance Co., Ltd., CNPC's wholly owned subsidiary, launched capital increase through cash payment to become a controlling shareholder of Jingang Trust & Investment Co., Ltd., which later was renamed Kunlun Trust Co., Ltd.
At the first shareholders meeting of Kunlun Trust Co., Ltd., CNPC Deputy Chief Financial Officer Wen Qingshan and General Manager of China Assets Management Co., Ltd. Dai Xiansheng were elected as its chairman of the board and general manager respectively.
At present, CNPC's financials has basically taken into shape. It consists of China Petroleum Finance Co., Ltd., Kunlun Bank and Kunlun Trust Co., Ltd., providing internal, commercial and investment banking services.