PetroChina’s profit rises less than expected
August 30, 2010 Category Petrochemicals, Weekly
PetroChina’s net profit grew 29.4% in the first half to a less than expected CNY65.33 billion. Oil and gas production operating profit jumped 94.9% to CNY73.37 billion, driven mainly by a 62% rise in the average price of oil. Oil output rose 1.7% to 424.7 million barrels, while gas output gained 12.9% to 1.15 trillion cubic feet. The oil and gas results were largely offset by a 78.3% decline in refining operating profit to CNY2.99 billion, and a 27.4% fall in chemicals profit to CNY2.47 billion. Expansion in Central Asia, Africa, North America, the Middle East and the Asia-Pacific region is now a key part of PetroChina’s strategy. Its first-half overseas oil and gas output rose 8.3% year on year to 55.2 million barrels of oil equivalent (BOE).
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