Sindonews.com -PetroChina reported a net profit decline of 13.3 percent, despite increased production due to slowing the pace of China's economic growth.
China's largest oil companies recorded a profit of 115,33 billion yuan (USD18,56), lower from 2011 amounted to 132,96 billion yuan. While revenue rose 9.6 percent to 2.2 trillion in 2012. PetroChina also reported increases in oil and natural gas production amounted to 4.5 per cent compared to 2011.
"In the face of a complicated economic environment and hard, both domestically and abroad in 2012, the company tried hard change step of development with a focus on quality and efficiency of growth," said PetroChina in a statement, as reported by the Global Post, Thursday (21/3/2013).
The company also reduced profits due to "macro-regulation and control" of the price of oil is distilled in the State is lower than the sale of natural gas imports.
China's leaders have been cutting prices of distilled oil products last May and June in line with weakening crude oil prices squeeze profit margins, international from domestic refineries.
China's economy grew 7.8 percent in 2012, the worst performance in 13 years due to weakening in the sector domestically and overseas, after briefly experiencing record growth of 9.3 percent in 2011 and 6.5 percent for 2010.
(dmd)Finance; Investment; Business; Economics
Finance; Investment; Business; Economics
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