PetroChina expects to be back in black in H1
PetroChina, the listed unit of state-run CNPC, expects a net profit in the range of 45bn-60bn yuan ($7.3bn-9.3bn) during the six months to June 30 (H1), it said in a stock exchange note filed late July 1. The company had reported a net loss of 30bn yuan in H1 2020.
The company expects growth in profit due to recovery in the economy, higher oil prices and strong demand for oil and gas. “Most of the oil and gas products of the company realised the increase in both quantity and profitability,” it said.
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In addition, Kunlun Energy, a unit of PetroChina, completed the transfer and closing of the equity interests in pipeline assets, which also contributed to performance growth, the company added.