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Oil Giant Reports Soaring Profit
The China National Petroleum Corporation (CNPC) earned a net profit of 60 billion yuan (about US$7.2 billion) in 2000, up a year-on-year 240 percent, sources with the CNPC announced Monday, January 15.
The company's annual sales revenue hit a record high of 403.9 billion yuan (about US$48.7 billion), a spokesman with the CNPC said.
"Soaring oil prices contributed the most to the significant rise in profit," the spokesman said, adding that other factors such as enterprise reform and capital restructuring also earned some 10 billion yuan of profit for the company.
The CNPC took the lead among all large and medium-sized state enterprises to seek dual listings on the Hong Kong and New York stock exchanges last April, a move that facilitated the company's overall restructuring, the spokesman said.
Moreover, the company verified 410.9 billion cubic meters of natural gas reserves in 2000, 4.5 times that of the figure in 1999.
So far, the total verified gas reserves discovered by the company amounted to nearly two trillion cubic meters, the spokesman disclosed.
The CNPC's overseas companies produced 13.53 million tons of crude oil and 1.08 billion cubic meters of natural gas in 2000, the spokesman added.
The spokesman said that by 2005, the company is set to raise its annual output of crude oil to 105 million tons and natural gas to 33 billion cubic meters.
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