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CNPC Won a Profit Over H Share Counterparts
According to reports April 23, China National Petroleum Corp (CNPC), China's No. One crude oil and natural gas giant, achieved a net profit of 55.231 billion yuan and a per share profit of 0.32 yuan in 2000, a 104.6 percent and 88.2 percent increase respectively over the same period of the year before, topping other H share counterparts in China..
Ma Fucai, general manager of CNPC at a press conference briefed CNPC's achievement, financial situation, business operations and development strategy.
The major reason for a surge of profit from oil in China lies in a raise of oil price, increased sales and cut expenditure, effective reshaping and low cost strategy adopted while CNPC had its profit mainly from oil exploration and sales of crude oil.
As an oil producer listed on Hong Kong and New York, CNPC attained very encouraging success last year and with advanced technology used it explored great oil reserves in Junggar Basin, Shaanxi-Gansu-Ningxia Basin, Song-liao Basin and Yumen oilfield. CNPC also witnessed considerable progress in gas exploration in Tarim Basin, Shaanxi-Gansu-Ningxia Basin and Sichuan Basin. What is more amazing, CNPC discovered a Kara-2 gas field, which has been proven the largest fine quality natural gas field in China.
As one of China's west-to-east gas transfer project constructor and undertaker, CNPC can get 12 percent of return shares from the project annually. Going into cooperation with foreign counterparts in oil production, CNPC has so far had a petroleum sales venture launched with BP Company.
By PD Online Staff Li Yan
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