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English>>China Business

PetroChina on 'buy' drive

By Li Tao  (China Daily)

13:11, August 24, 2012

A worker monitors a natural gas pipeline at the Sebei gas field in Qaidam Basin, Qinghai province. PetroChina Co Ltd said the company's net profit in the first half of the year was 62 billion yuan ($9.7 billion), a 6 percent drop year-on-year.([Photo/Xinhua)

PetroChina Co Ltd, the country's largest oil producer, is actively seeking acquisition opportunities in Central Asia, East Africa, Australia and Canada, the company said on Thursday after posting a 6-percent decline in first-half profit on lower crude prices and further losses in refining and chemicals.

Net income fell to 62.03 billion yuan ($9.76 billion) from 66.01 billion yuan registered a year earlier, PetroChina said in a statement to the Hong Kong Stock Exchange. Total income during the first six months rose 9.9 percent to 1.05 trillion yuan.

The energy explorer and oil refiner pumped 452.4 million barrels of crude in the first half, up 1.5 percent on 445.8 million barrels in 2011, while the average selling price increased 6.3 percent to reach $107.98 a barrel over the average of $101.62 last year.

Total output oil and gas output rose 3.8 percent to the equivalent of 667.9 million barrels during the period. Some 62.5 million barrels came from its overseas assets, which rose 0.9 percent to account for 9.4 percent of the company's total output.

The company registered a loss of 28.9 billion yuan from refining and chemicals due to factors such as the slowdown of the Chinese economy and controls on domestic fuel prices, the statement said. The delay in natural gas price reforms has also eroded profits.

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