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Billy
Billy Wang
Vice President - Research,
IIFL (Asia) Pte Ltd

PetroChina’s new guideline on public communications
Posted on: 15:30 August 16, 2010




Recently a leaked internal directive from PetroChina is making wild runs on the Chinese Internet – it is a guideline on what not to say in the oil major’s press releases and financial reporting. Unsurprisingly, the document provoked massive amusement and cynicism among the Chinese public. Having worked in another oil major (Shell) myself, I know how clumsy the oil companies are when it comes to comforting the public (we still love to hate them despite their massive spending on PR, don’t we?), but this piece of work still amazes me.


My summary translation of the “forbidden”, “avoid” and “preferred” words is as following. It guarantees to make you wonder what PetroChina’s next annual report would be like.


PetroChina internal guidance on wording of public communications:

Do not use
Avoid using
Prefer to use
On operating results:
 
 
monopoly, windfall profits, powerful company, top player, recession
turning point, borrowing / raising debt, slip, loss
operating income, tax paid, total profit, profit increase, stable growth / operations, slower growth, healthy development, positive trend
windfall tax, avoid tax
 
special income tax
On refining and marketing:
 
 
sales / distribution quota, cut supply, price / gift promotion
capacity expansion, compete for market, occupy market
increase, raise, enlarge
shortage, panic, interruption
raise / cut price,
adjust upward / downward, fluctuate, float, fall back, break
dominate, control, erode, squeeze out, take all, guarantee national energy safety / supply
 
protect national energy safety / supply
On compensation and HR:
 
 
lay off, cut staff, buy off, redundant, trim, optimisation, equal income
improve efficiency through staff reduction, optimise staff utilisation
control of total staff number / organisation size / personnel expenses, optimise employment structure, follow labour laws and regulations
 
core / important / key positions
frontline / base employees, technical positions
 
high salary, adjust / raise salary, good benefits, invisible / gray income, pay hike, raise / increase income
normalise compensation distribution, improve compensation system
On capital market performance:
 
 
suck in money, cash out, accumulate wealth, shrink, break IPO price, IPO, flagship, evaporation of market value, top position / stock / A share, best earnings, No.1 red chip, strongest profitability, world largest company by market cap, engine of capital market, the most profitable in Asia
hot stock, all positive, take off, embark, shore up, become one of the best performed
increase holdings, performed well, exceed expectations, above IPO price, lower than IPO price, rebound
to the rescue of market, tight / short in cash
tight liquidity
issue shares, raise capital, finance, increase holdings, buy back, issue notes, listed, increase company value
On safety, environment and law:
 
 
PetroChina subsidiary xxx
 
(name of the specific subsidiary)
PetroChina pays penalty, damage claim on PetroChina, avoid legal risks / responsibilities
 
protect (our) legal rights, open trial of xxx case, verdict on xxx case
On international business:
 
 
overseas expansion, overseas legions, all-out assault
overseas income, local black people, acquire resources, oil security, obtain overseas crude productions
overseas acquisition / combination, restructuring, local residents, overseas operating / share productions, co-operate, development, mutual benefits, win-win
Muslim countries / world
 
Islamic countries / world
Arab militia
 
armed militia, tribe forces
Others:
 
 
 
it is reported that, according to (unnamed) internal / company sources
(name the specific source)
 
biggest, No.1, flagship, carrier, leading player, best, the most famous
state-owned key enterprise, nation’s very large petroleum group
 
the only, the world’s sole, we are / have the only …
advanced, among the leading, major breakthrough, proprietary innovation / technologies
chief, boss, top brass
 
company executives



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