PetroChina hit by softer international oil prices
Net profits of PetroChina Co Ltd, China’s largest oil and gas producer, edged up 0.8 percent year-on-year to 96.05 billion yuan ($15.64 billion) in the first three quarters of 2014, new data showed. The pace was much slower than a 4 percent expansion in the first half. During the first nine months, revenue rose 4.3 percent to 1.75 trillion yuan, according to the company’s quarterly report to the Shanghai Stock Exchange. The slow profit growth was mainly attributable to a weak third quarter, when global oil prices declined. Profits in the exploration and production sector slid in the third quarter, and losses were posted in the petrochemical business.