PetroChina profit down dramatically

Salt Lake City News.Net
Wednesday 27th August, 2008

PetroChina's first-half net profit has fallen 34.5 percent.

The company has revealed the rising losses are in its refining business mainly due to Chinese domestic price controls.

Unlike other global oil giants that are reporting record profits, PetroChina and other domestic refiners are prevented from passing on higher costs for imported crude oil to consumers, forcing the state-owned refiners to bear heavy losses.

Chronic shortages of diesel and gasoline in the past year have prompted authorities to raise fuel prices twice to help reduce the gap between international crude oil prices and domestic prices.

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