I achieved Petrochina Co. Standard levels in the past year, as increasing production compensates for low energy prices and weaker performance of refining operations.
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(Bloomberg) – Petrochina profit has achieved record levels in the past year, as increasing production compensates for the low energy prices and the weaker performance of refining operations.
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The net income in the largest oil and gas producer in China increased by 2 % to 164.7 billion yuan ($ 22.7 billion), according to Sunday's report, although the result was lost expectations. Revenue fell to 2.94 trillion yuan from 3.01 trillion yuan. The average global oil prices during the period reached about 3 % less than the previous year.
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Petrochina is the last state -owned oil giants in the country to report annual profits. The asset portfolio of the company is the most balanced among the three adults, as it is scattered on drilling, refining and retail. The energy company also dominates the China Natural Gas Market.
The company recorded a 2.2 % increase in production to a record record of 1.797 billion barrels of oil rewards, including an increase of 4.1 % in the gas. Its target has been set for 2025 at 1.827 billion barrels, although it is expected that oil production is expected to decrease while capital expenses are expected to decrease.
Sumpome operations, the largest work in Petrochina, which include a new energy, witnessed a 7.1 % increase in profit to 159.7 billion yuan. Meanwhile, gas and tubes rose from 25 % to 54 billion yuan. The company is the largest beneficiary of cheap Russian gas, while the prices of the imported LNG also helped increase sales.
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The estuary was Akuma, with a significant decrease in refining, chemicals and retail trade due to the continuous supply of China – a dynamic that is expected to weigh the market this year. The government pays refine refineries to produce less fuel and more petrochemical, as it wanders a boom in the electric compound of diesel and gasoline. The demand for transport fuel is expected to continue this year, according to the International Energy Agency.
Last week, Sinopec refinery was a decrease in profits as EVS was withdrawn upon request and the Chinese economy slowed. I reported the largest pits in the country, CNOOC LTD. On Thursday, an increase in profits after expanding the scope of production.
On the wire
China provides energy security, as all of the production of local gases and Russian gas imports rises to record levels, according to intelligence Bloomberg.
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BI said that the Chinese play book to respond to US President Donald Trump's tariff has evolved since the first trade war. One of its most effective tools is to restrict the export of critical metals to the United States.
The Ministry of Finance in China will pump 69 billion dollars in four of the country's largest state banks through their shares, to follow the previous Pijan pledge to strengthen the temporary depositary stores of the lenders.
Diaries this week
(At all times, Beijing is not noticed.)
Monday March 31:
- Chinese official PMis for Mar, 09:30
- Datang Renewable Energy Brigade in Hong Kong, 10:00
- Petrochina profits in Hong Kong, 16:00
- The Antlek Boxett and Alumina Market Conference in Chongqing, the first day
Tuesday April 1:
- Caixin's China Manufacturing PMI for Month of Mar, 09:45
- The Antlek Boxett and Alumina Market Conference in Chongqing, the second day
Wednesday, April 2:
- Csia weekly Polysilicon prices
- Weekly briefing CCTD online on Chinese charcoal, 15:00
- Chako maintains bridles online, 16:45
Thursday, April 3:
- Caixin's China Services & Composite PMIS for March, 09:45
- Weekly iron ore in stocks in China
- Shanghai's weekly commodity stocks, about 15:30
- Evaluating the price of the weekly solar chip from CSIA
Friday, April 4:
- Vacation in China and Hong Kong
– With the help of Twinnie Siu, Bingyan Wang and Tian Ying.
(Updates in additional details)
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