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PetroChina earnings rise 30%

By Wan Zhihong (China Daily)
Updated: 2008-10-30 09:55

The gap between high crude prices on the international market and the relatively low prices of refined oil products domestically has put the their refining business in the red.

Related readings:  PetroChina may buy overseas  PetroChina to increase investment in oil, gas  PetroChina H1 net profit down 34.5%  PetroChina denies share offer rumors

From January to June, refineries under PetroChina and Sinopec incurred 5.71 billion yuan of losses, 47.9 percent more than a year earlier, said China Petroleum and Chemical Industry Association.

However, as global oil prices are now below $70 per barrel, analysts said that domestic refineries have started to see some profits again.

They said that China should reduce its refined oil products prices in line with the price decrease globally.

China National Offshore Oil Co (CNOOC) announced on Tuesday that its net oil and gas output in the third quarter of 2008 rose 15.2 percent year-on-year.

The State-owned offshore oil producer said that its total revenue was 30.9 billion yuan for the third quarter, representing a year-on-year increase of 69.1 percent.

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