PetroChina Expects Strong Earnings for Year 2000The PetroChina Company Ltd. (PetroChina), the nation's largest oil producer, is believed to have significantly increased its profits last year due to oil price hikes.PetroChina produced 765.4 million barrels of crude oil and 503. 9 billion cubic feet of natural gas in 2000, the best in recent years. Major breakthroughs have been made in Junggar basin, Shaanxi-Gansu-Ningxia basin in western China and Song-Liao basin in northeastern China. The company, which has made dual listings on the New York and Hong Kong stock markets, announced in its interim report in September that it posted a net profit of 23.07 billion yuan, an increase of 106 percent over the same period of 1999. Analysts believe the oil conglomerate's strong earnings will continue this year, the paper said. |
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