This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PetroChina is a fully integrated state-owned oil and gas major, spanning the entire fossil fuel value chain. Its parent company, China National Petroleum Corporation (CNPC), integrates both oil company and oilfield service provider portfolios, with operations covering exploration and production, transportation and storage, and refining and marketing. The company's stated strategy is to consolidate its leading role in domestic upstream businesses.
The company's U.S. trading arm, PetroChina International America Inc. (PCIA), was found to have systematically violated export control laws. According to a U.S. Department of Justice settlement announced in June 2024, PCIA misclassified more than $32 million worth of ultra-low-sulfur diesel fuel as "mineral oil mix" in export transactions to Mexico. This inaccurate reporting in the Automated Export System led to a $14.5 million fine and forfeiture. ViolationTracker Global documents this enforcement action.
Research Sources
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.