PetroChina Profit Sinks 10%, Weighed by Oil Prices
Oil giant PetroChina (NYSE:PTR, 0857.HK, 601857.SH) said its 2009 turnover declined 5% annually to RMB 1.02 trillion in 2009, weighed down by a 38.4% year-on-year decrease in oil prices, according to the company's March 25 announcement.
Profit attributable to owners of the company was RMB 103.39 billion in 2009, down 9.7% from 2008, PetroChina said. Sales volumes of most product categories, including crude oil, gasoline, diesel and kerosene, increased on a yearly basis, while the average realized price declined.
CNPC Hong Kong (0135.HK), a subsidiary in which PetroChina owns 50.92% stake, announced the same day that it has changed its name to Kunlun Energy.
PetroChina parent China National Petroleum Corporation (CNPC) and Royal Dutch Shell (NYSE:RDS.A, LON:RDSA) announced plans on March 23 to jointly develop tight gas reservoirs and produce natural gas in China's Sichuan basin.
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