PetroChina Q3 net profit rises 7.8 per cent y-o-y
28 Oct 2011
PetroChina Co has reported a 7.8 per cent year-on-year increase in its third-quarter net income at ¥ 37.4 billion. Domestic rival rival China Petroleum & Chemical Corp (Sinopec), on the other hand reported a 3 per cent increase in net income for the quarter at ¥20.2 billion.
PetroChina, whose operating income from energy exploration was almost three times that of Sinopec benefited more from higher oil prices as it gave a boost to output to meet the demands of the Chinese economy.
Chinese energy companies are looking to acquire oil and gas assets from Australia to North America to curb losses from sale of fuel at state-controlled prices.
According to analysts, Sinopec would continue to scout aggressively across the world for feasible acquisition targets.
However, profit at the biggest of Chinese oil companies was lower as compared with international biggies like Royal Dutch Shell Plc and Exxon Mobil Corp because of refining losses.
According to Royal Dutch Shell, its third-quarter net income doubled as crude prices rose and it ramped up projects from Qatar to Canada. Meanwhile, Exxon reported a jump in profit of 41 per cent.
