Profit of PetroChina Dropped by 28% Due to Oil Price Reduction

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Last updated at: (Beijing Time) Friday, August 30, 2002

Profit of PetroChina Dropped by 28% Due to Oil Price Reduction

Affected by oil price reduction, PetroChina's revenue and profit dropped to a large degree in the first half of this year.

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Affected by oil price reduction, PetroChina's revenue and profit dropped to a large degree in the first half of this year.

Its medium term performance showed that net profit was 19.579 billion yuan in the first half of this year, a decrease of 27.93% against the same period of last year, business volume was 107.928 billion yuan, a decrease of 11.66% compared with the same period of last year. Per stock share gain was 0.11 yuan, a jump of 0.04 yuan.

PetroChina stressed that price reduction in crude oil, finished oil and chemical products greatly influenced the company's performance.

The average crude oil price in the first half of this year was 20.11 US dollar per bucket, according to estimation, the price will reach 23-24 US dollars in the second half year, and the whole year's average is 21-21 US dollars.

While last year's price was 24.65 US dollars. Due to the price cut, the company's main business has only got 29.625 billion yuan, a drop of 29.29% from the same period of last year.

Its business performance in medium term shows that natural gas and pipeline construction become its new growth point.

Driven by natural gas's price and sales rise, the company got 808 million yuan of profit in gas, an increase of 4 folds over the same period of last year.

The company said that the west-east gas project has been in full operation, it will be of great importance for the company to improve its value, economic benefit and competitiveness. It will also be conducive to consolidating its position in the gas market.

By PD Online Staff Li Yan

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