PetroChina races to meet demand

HONG KONG: PetroChina Co Ltd pumped 11.7% more oil and gas in the second quarter as it raced to meet the energy demands of the world's fourth largest economy, putting it on track to smash its full-year production target. 

The output figures also position Petrochina, which is due to report interim earnings next month, to earn the biggest profit of any Asian company in the first half, according to CLSA analyst Gordan Kwan. 

“We expect PetroChina to deliver the highest net profit among all companies listed in Asia, about US$10bil in net profit for H1 06,” Kwan wrote in a research note. 

That's despite a windfall tax on oil sales imposed by Beijing in March and first-half losses expected at its refining division, analysts say. 

Oil and gas output at Asia's largest company by market capitalisation rose to 265.5 million barrels of oil equivalent (BOE) in the quarter, based on Reuters' calculations from first-half data. 

That outpaced first-quarter growth of 6.3% and surpassed the firm's full-year target of 5% worldwide. 

From April to June, oil and gas production domestic as well as overseas increased 7.5% and 32.2%, respectively, based on Reuters' calculations. 

PetroChina, which pumps crude oil, refines it and sells petroleum and petrochemical products, said in a statement on its website ( that its oil selling price leapt 35.8% to US$58.96 per barrel in the first six months. – Reuters

For Another perspective from the China Daily, a partner of Asia News Network, click here

Latest business news from AP-Wire 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Did you find this article insightful?


Next In Business News

Tenaga forecasts rebound in revenue
Mustapa: 12th Malaysia Plan to be tabled when Parliament reconvenes
Biggest players in short-selling are getting a pass
Nothing the stock market does ever scares retail daredevils
US Senate passes US$1.9 trillion relief bill
AirAsia Group plans air taxi, drone delivery service
Tengku Zafrul: Govt tapping into more data for effective aid
AirAsia recovering well via digital transformation
Texas grid operator made $16bil price error during winter storm, watchdog says
CPO futures to see quiet trading next week

Stories You'll Enjoy