PetroChina's Net Profit Hit by Losses from Refining and Chemicals Segment

PetroChina – China's largest listed oil company by capacity – said Thursday that its net profit for 1H 2012 declined 6 percent from a year earlier due to refining losses and weaker demand for oil products and petrochemicals amid a difficult period in the global economy.

Net profit for the six months ended June 30, 2012, was $9.8 billion (CNY62 billion), down from $10 billion (CNY66 billion) a year earlier. The company's exploration and production business recorded an operating profit of $17 billion (CNY113.8 billion), while its refining and chemicals business booked an operating loss of $4.5 billion (CNY28.9 billion). 
PetroChina said that it expects 2H 2012 to remain "complicated and severe." It added that it will "put more effort into assessing and forecasting external situations … and will respond to all challenges in the most appropriate manner."


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