It gives me great pleasure to meet you via the teleconference again. On behalf of the boards of PetroChina and the management team, I would like to extend heartfelt gratitude to all shareholders and analysts for your long-standing trust and support. [Non-English content] PetroChina issued its first quarter results of 2021 yesterday. In Q1, PetroChina wrote on the robust developments of Chinese economy, fully leverage our integrated advantage in oil and gas in the industrial chain. We work flat out to improve our quality and efficiency and secured excellent operation results and financial results. [Non-English content] Our revenue RMB 551.92 billion, up 8.4% year-on-year. The net profit attributable to the parent, RMB 27.72 billion, our best performance in the last seven years. [Non-English content] This is because of the robust development of Chinese economy and the integrated advantage of the company in oil and gas industrial chain. This is also the results of the company in strengthening its confidence for development, work harder to optimize our management and with the concerted efforts from the whole company. [Non-English content] At present, international energy supply and demand system has undergone fast adjustment. Green and low carbon transition has become a new consensus. The new energy development has entered into an active stage. The digitalization and smart technologies are reshaping our industry. [Non-English content] PetroChina will seize the opportunity of energy low carbon transition, will actively deploy business models for clean production and green and low carbon. [Non-English content] Guided by the overall planning of three-step approach of clean alternatives, strategic replacement and green transition, PetroChina strives to achieve carbon peak around 2025 and near zero emission around 2050. Make our contribution to China's targets of carbon peak and carbon neutrality, and contribute to the global climate ambition. [Non-English content] As global economy and international oil prices continue to recover, we estimate that in the first half of 2021, our performance will maintain a stable growth. [Non-English content] We firmly grasp the strategic opportunity of global economic transition, speed up to build a new development advantage in green development, and push forward our five strategies, including innovation, resources, markets, internationalization, green and low carbon. [Non-English content] We'll work even harder to deliver excellent performance, to bring larger value to shareholders, and to take practical actions to reward shareholders and give back to the society. [Non-English content] Thank you all. [Non-English content] [Non-English content] Good morning, ladies and gentlemen, I'd like to give you a brief introduction for PetroChina's 2021 first quarter results. [Non-English content] In the first quarter of 2021, as COVID-19 pandemic was put under effective control, the world economy showed a good momentum of recovery, and Chinese economy is steadily picking up. China GDP growth was 18.3% year-on-year. [Non-English content] Boosted by factors such as economic recovery and continuous OPEC+ production cut compliance, international oil prices continued to recover and the average price raised. [Non-English content] The domestic refined oil products consumption saw substantial year-on-year increase and recovered to pre-pandemic level. The domestic natural gas demand also registered large increase. [Non-English content] In the first quarter of 2021, while grasping the favorable opportunities of macro-economic recovery, demand rebound and price increase in oil and gas markets, the company further improved quality and efficiency, continued to optimize production and operation, vigorously strengthened marketing, moved faster to promote green and low carbon transition, and strictly controlled costs and expenses. The operating profit increased significantly year-on-year, and the financial status remained sound. We managed to achieve the best performance in the past seven years. [Non-English content] According to IFRS, in the first quarter of 2021, PetroChina recorded revenue of RMB 551.93 billion, up 8.4% year-on-year. Operating profit RMB 44.78 billion, up by RMB 48.159 billion year-on-year. Net profit attributable to the parent company was RMB 27.721 billion, up by RMB 43.951 billion. Earnings per share was RMB 0.15, increased by RMB 0.24 year-on-year. [Non-English content] Exploration and Production segment, start with cost-effective exploration and development, and strive to increase economically recoverable reserves and profitable production. The oil and gas output reached 417 million BOE, up 0.8% year-on-year. Domestic oil and gas output reached 373 million BOE, up 4.3% year-on-year. The company implemented the strategy of stabilizing oil and increasing gas, saw rapid growth in domestic natural gas production, which was 1.12 TCF in the first quarter, up 9.6% year-on-year. The overseas oil and gas output was 24.1 million BOE, down by 21.7% year-on-year, mainly due to the decrease in shared production as a result of rising oil and gas prices. [Non-English content] The company strictly controlled costs and expenses. The lifting cost was $9.98 per barrel, down 1.0% year-on-year, and 8.0% year-on-year adjusted for exchange rate. The E&P segment recorded operating profit of RMB 12.882 billion, down RMB 2.001 billion. [Non-English content] In respect of Refining and Chemicals, the company gave continuous priority to market, strengthened the management of production and operation, continued to optimize product structure, and sought to increase production and sales of high value-added products. In 2021 Q1, PetroChina processed 298 million barrels of crude oil, up 7.8% year-on-year. Production of refined fuels was 26.949 million tons, up 6.9% year-on-year. Gasoline output was 13% up year-on-year, kerosene up 18.7%, diesel output down 1.2%. We produced 1.609 million tons of ethylene, up 4.5% year-on-year. [Non-English content] The company persisted in strict control of costs and expenses, and endeavored to expand margins. The Refining and Chemicals segment recorded an operating profit of RMB 14.675 billion, a significant increase of RMB 23.377 billion, of which the Refining business recorded an operating profit of RMB 10.205 billion, an increase of RMB 16.497 billion, mainly due to increase in sales of refined products, price rise and inventory gains. The Chemicals business recorded an operating profit of RMB 4.47 billion, an increase of RMB 6.88 billion year-on-year, mainly due to the increase in sales and prices of chemical products. [Non-English content] The Marketing segment strengthened control over Marketing costs and continued to optimize inventory management. In the first quarter of 2021, a total of 36.248 million tons of refined oil products were sold, up 2.2% year-on-year. Domestic sales of refined oil products were 24.195 million tons, up 20.9% year-on-year, of which gasoline up 29.0%, kerosene up 83.7%, diesel up 3.6%. [Non-English content] The Marketing segment achieved an operating profit of RMB 3.315 billion, an increase of RMB 19.908 billion year-over-year, affected by increased sales volume of refined oil products, rising prices and inventory gains. [Non-English content] The Natural Gas and Pipeline segment seized the favorable opportunity for rebounding market demand, enhanced market development and sought to promote sales volume and efficiency in peak season. In the first quarter of 2020, domestic natural gas sales were 54.655 BCM, up 14.6% year-on-year. [Non-English content] The company continued to optimize gas portfolio, ensure that domestically produced gas was sold out, and started to reduce the cost of imported natural gas. The Natural Gas and Pipeline segment achieved operating profit of RMB 18.519 billion, increased RMB 7.16 billion or 63% year-on-year. Major to the combined influence of factors such as the increase in Natural Gas Sales, the decrease in the cost of imported natural gas, and the pipeline asset restructuring in the previous year. [Non-English content] These are updates of the first quarter results. [Non-English content] Going forward, PetroChina will vigorously carry out the five development strategies of innovation, resources, markets, internationalization, green and low carbon. We'll emphasize on efficient exploration and cost-effective development, stabilize oil output and speed up gas production, and improve the overall efficiency of domestic upstream business. We'll emphasize on structural adjustments and integrated coordination, improve the overall efficiency of Refining, Chemicals, and Marketing businesses. We'll emphasize on the share in end user markets, promote the integrated development of natural gas and new energies. We'll emphasize on risk control and structural optimization, further the sound development of overseas business. We'll put innovation at the top of our strategies, continue to improve independent innovation capacity. We'll accelerate the development of new energy, strive to promote ESG. [Non-English content] That all is the company's main operating data in Q1 2021 and production targets in 2021, for your reference. [Non-English content] Ladies and gentlemen, the company will follow through on the deployment of the board of directors and strive to build itself into a world-class international energy company. We will spare no efforts to deliver excellent performance and take practical actions to reward shareholders and give back to the society. Thank you all. [Non-English content] Now we will have a Q&A session with consecutive integrity to give more people a chance to ask questions. Each please raise no more than two questions, and please first inform which institution you represent. Now the floor is open for questions. [Non-English content] Ladies and gentlemen, please press star 1 if you have any questions. Thank you. [Non-English content] Hi, congratulations on your strong result. This is Parsley from JP Morgan. My first question is, your gas and pipeline earnings are quite strong, and just now you mentioned the improvement in imported gas profits. Can you share some of the details? For example, how much was the profit in first quarter and roughly how much OP impact was there from the loss of the PipeChina assets? My second question is, if I look at PetroChina's E&P CapEx guidance, it is down by 6% year-on-year, even though gas production guidance is up by 3% year-on-year, while crude oil production guidance is flattish. Is there a difference in the CapEx intensity between your oil and gas projects? [Non-English content] [Non-English content] Mr. Wei Xunbo, Deputy Head of PetroChina Energy Department will be answering your first question. There are several reasons behind the profits of Natural Gas and Pipeline business. As mentioned in our presentation, in first quarter, the profit was up by RMB 7.16 billion. [Non-English content] As mentioned in the presentation, in China, the sales volume saw a substantial increase of 14.6% year-on-year growth. The price for Natural Gas Sales also saw a 1% increase. [Non-English content] Despite the impact from the transfer of our pipeline business, in the first quarter, we achieved our profits of RMB 2.98 billion. Also we have a 29.9% equity investment in PipeChina. The return is RMB 1.58 billion. In total, the profit is around RMB 3 billion. [Non-English content] From the Natural Gas and Pipeline business segment, we make a profit of RMB 11.53 billion. That is from the pipeline business, that is RMB 3 billion. Besides the factors of increased sales volume and prices, there is also a factor from the reducing of the cost of importing natural gas, reduced by around 20%. [Non-English content] As for the reasons behind the decline of importing natural gas cost, last year in the low oil price environment, there is around nine-month time lag between the international oil prices and the importing natural gas price. In the first quarter, the price was reflected, especially in the peak season. Another reason is the appreciation of RMB from last year's 6.97 to 6.484 this year. That's the reason for the decline of importing natural gas cost. [Non-English content] As international oil prices continue to recover and fluctuate, our benefits from this aspect might be eased. [Non-English content] [Non-English content] Mr. Xiao Xiuwen from Planning Department is answering the second question. [Non-English content] Guided by the principle of coming first, consider both the amount and profitability. We set CapEx by the income, control the overall amount to put profitability first, ensuring CapEx devotion while the others. PetroChina has set a CapEx of RMB 239 billion this year. [Non-English content] This year's CapEx is similar to that of last year. In the first quarter, despite the increase of oil prices, PetroChina has remained the strategic focus and will continue to carry out prudent investments, targeted investments and profitable investments. At present, we have no adjustment plan for our CapEx. [Non-English content] From first quarter, our projects are going very smoothly. [Non-English content] That's all. Thank you. The next question comes from Neil with Bernstein. Yeah. Thank you very much and congratulations on the result. I think this is one of the first times I've seen downstream recording a better operating income than upstream. For the Refining margins, my question is really how sustainable do you think these higher margins are, and to what extent was this driven by inventory gains? If you could give us the inventory gains that you had in the Refining segment and also in the fuels Marketing segment. The second question is going back to the gas division and the exceptional profits that were made there. Was there any contribution from the one-off gain from the Kunlun pipeline divestment in 1Q, or should we expect that in the second quarter? Thank you. [Non-English content] [Non-English content] Mr. Wei Sing-Bo, Deputy Head of Finance department, is answering your first question. Regarding the profits of Refining and Chemicals business segment, inventory gain is absolutely a factor. [Non-English content] In general, for Refining segment, the inventory gain is around RMB 5.3 billion. For Chemicals business, because last year in 2020, we suffered a loss of RMB 2.4 billion. This year we make a profit of RMB 4.47 billion, up by RMB 6.68 billion. [Non-English content] For the profit in the Chemicals segment, because we have saw a substantial increase in sales volume and also the gross margin. In the first quarter, you have also may noticed that our production of ethylene was 1.66 million tons. Thanks to the structural optimization, our gross margin have improved. [Non-English content] Another important factor is the sales volume of refined products. Last year in the first quarter, especially in February and March, due to COVID-19, the utilization ratio and sales has been impacted. This year we have retained a relatively high utilization ratio and sales volumes. [Non-English content] As international oil prices stabilizes without the inventory gain, we can manage to maintain a stable gross margin. [Non-English content] In normal times, our gross margin might be as high as the first quarter. [Non-English content] [Non-English content] Mr. Wei Fang is answering your second question. [Non-English content] Kunlun Energy issued a circular on December 22nd, 2020, to sell its 60% equity interest in Beijing Pipeline and a 75% equity in Dalian LNG Company. Currently, the transaction has been closed. [Non-English content] According to the circular of Kunlun Energy, the net amounts of the proceeds from this transaction, 50% will be used to pay back to shareholders, 40% will be used to expand the Natural Gas business in end user markets, around 10% will be used to pay the existing debt and for general operation. [Non-English content] After the transaction between Kunlun Energy and PipeChina and after the proceeds was identified, PetroChina will get its investment returns based on its shareholding in Kunlun Energy. At present, the proceeds from Kunlun Energy's transaction is around RMB 18 billion. [Non-English content] This means that PetroChina's pre-tax profit will be at another RMB 18 billion, and have RMB 9 billion of net profit to the parent company. This will be reflected in the second quarter, and the final data is subjected to the auditing. [Non-English content] Thank you. [Non-English content] [Non-English content] With Morgan Stanley, I have two questions. First is regarding your natural gas business. You mentioned that this year PetroChina will increase imported natural gas volume. How much will it be increased? This year, how much will the cost be increased? Second, in the first quarter, the company's income tax has been lower. Will it be the same goal for the whole year? What's the reason behind that? [Non-English content] Mr. Shouping, CFO, is answering your question. [Non-English content] In first quarter, PetroChina imported 18.9 BCM of natural gas, up 1.8 BCM year-on-year. [Non-English content] For the whole year, according to the plan, that is around 70 BCM, but we will also make relevant adjustments based on the market. [Non-English content] As my colleagues just mentioned, the imported natural gas cost was relatively lower because it is linked to the international oil prices. There is a nine-month time lag. Therefore, it is fair to say the low import natural gas cost did contribute to our profit in the first quarter. [Non-English content] Going forward, as the imported natural gas price is linked to the international oil prices, in general, it might increase by around 20%. [Non-English content] Regarding your second question about the company's income tax. In Q1, the company's tax rate is around 27%. [Non-English content] There are several reasons. First, we have vigorously promoted to improve the quality and efficiency. Great progress has been made in dealing with the non-performing companies under PetroChina. [Non-English content] In the past, the reason why PetroChina's income tax rate is relatively high is because some of our regional companies, they are loss-making. Although the profitable companies leverage the tax part, the loss-making companies cannot offset that. We have a relatively high income tax rate. [Non-English content] Thank you. [Non-English content] In the interest of time. Last question, please. [Non-English content] [Non-English content] [Non-English content] With Ping An. My first question is regarding PetroChina's strategies or thoughts for carbon peak and carbon neutrality. What's your latest development? The second question is about the newly established industry capital investment company. What's PetroChina's strategy in this regard? Another question from me is about the profits from the Chemicals business segment. [Non-English content] PetroChina highly values green and low carbon development, and we have incorporated the green and low carbon into one of our five development strategies. [Non-English content] At present, the company is still committed to follow our overall planning of three-step approach, that is clean alternative, strategic replacement, and green transition. [Non-English content] We will strive to achieve carbon peak around 2025 and achieve near zero emission around 2050. [Non-English content] PetroChina also have clear course measures. First is to promote the fast development of natural gas. By 2025, the gas production will account for 55% in our total production mix. [Non-English content] Second is to promote the integrated development of natural gas and power generation. [Non-English content] The third is to press ahead with the green action plan to cut the carbon emissions. [Non-English content] The fourth is that we will vigorously implement the forestry carbon sink and CCUS, and try to achieve carbon removal. [Non-English content] Regarding your third question about Chemicals business. In Q1, we did have a relatively good performance and a relatively good gross margin. [Non-English content] Entering the second quarter, the trend will maintain. [Non-English content] Entering the second quarter, PetroChina will continue to implement the strategy of reducing the fuels and increase the production of chemical products. For our some ethylene plants, they are run at around 100% utilization rate.