the republic logo

PetroChina annual profit rises 12.4 percent after rise in retail price narrows refining loss

Share/Save/Bookmark

BEIJING — PetroChina Ltd., China's biggest oil producer, says its profit rose 12.4 percent last year after higher retail gasoline prices helped to narrow heavy losses for its refining unit.

PetroChina said Thursday that earnings rose to 129.6 billion yuan ($21.6 billion). Total revenue rose 2.9 percent to 2.2 trillion yuan ($366 billion).

A change in state-set retail gasoline prices in 2013 helped to narrow state-owned PetroChina's loss on refining operations by nearly 45 percent to 24.4 billion yuan ($4 billion).

China's government squeezes refining margins at its major oil companies and sometimes forces them into a loss by holding down prices at the pump when global crude costs spike up.

Think your friends should see this? Share it with them!

All comments are moderated before posting. Your email address must be verified with Disqus in order for your comment to appear.
View our commenting guidelines and FAQ's here.

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.