PetroChina hit by softer in­ter­na­tional oil prices

China Daily (Canada) - - BUSINESS -

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.

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