Petrochina 2017 Profits May Rise by 200%

Petrochina said January 30 its 2017 net profit will increase between 165% and 203% as compared with the previous year due to higher product prices, reduced costs and broadening sources of income.

The company is expected to see a net profit increase of between yuan 13bn and 16bn ($2.05bn-$2.53bn) from last year’s profit of yuan 7.9bn. That suggests that Petrochina may report net profit for full year of as much as yuan 23.9bn ($3.78bn)

The company said that in 2017, the supply and demand in the global oil market gradually tended to be balanced, adding that the average realised prices of crude oil, natural gas, refined oil and other main products experienced a significant rise as compared with the previous year.