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PETROCHINA INTERNATIONAL (LONDON) CO., LIMITED

Company number: 04410974

Reporting period:
1 January 2018 to 30 June 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 July 2018

and approved by Luo Yizhou

Payment statistics

Average time taken to pay invoices: 30 days

Invoices paid:

• within 30 days: 100%
• in 31 to 60 days: 0%
• in 61 days or more: 0%

Invoices due but not paid within agreed terms: 0 %

Payment terms

Shortest standard payment period

10 days

Longest standard payment period

30 days

Standard payment terms

The company trades Natural Gas and LNG. As part of the EFET payment terms, the OTC Physical Gas Invoices are settled 20 business days after delivery. As part of the MSA payment terms, the OTC Physical LNG Invoices vary dependent on the individual contracts, but typically 10 business days after delivery. The Secondary Trading costs are usually paid 10 days from invoice date. The company also settles non-trade invoices, which is usually 30 days from invoice date.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

All disputes in relation to Trading Invoices are dealt with through our Settlements department. All disputes in relation to Non-Trading Invoices are dealt with through our Accounts Payable department.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.

No

Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

No

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No