PetroChina posts sharp fall in financial results
Hit by rising import costs and increased government pricing control, Petrochina has posted a sharp fall in results
PetroChina continues to feature in fearful headlines in the western press about the rise of Chinese national oil companies (NOCs) gobbling up overseas assets, yet all three of the country's NOCs posted big falls in profits last year as the costs of overseas expansion and problems at home take their toll. On 21 March, Beijing-based PetroChina, the publicly traded arm of China National Petroleum Corporation (CNPC), posted a steeper-than-expected 13.3% drop in 2012 net profit to RMB115.3 billion ($18.4bn), due in part to heavy losses incurred at its natural gas and refinery businesses. This was significantly below the average RMB125.1bn of net profit that was forecast in a poll of analysts by T
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
