PetroChina Jan-Sept web earnings up 60% at file $16.7 billion By Reuters

By Chen Aizhu

SINGAPORE (Reuters) -Asia’s largest oil and fuel producer PetroChina Co Ltd reported a 60% year-on-year rise in nine-month web revenue to file highs, lifted by stronger international power costs, whilst weaker home gasoline consumption continued to tug on earnings.

Web revenue for the January to September interval reached 120.3 billion yuan ($16.66 billion), the corporate mentioned in an announcement.

Home output elevated 2.7% throughout the first 9 months versus a 12 months earlier to 577 million barrels, whereas fuel output was up 5.1% to three,296 billion cubic ft.

PetroChina, which can be China’s second-largest oil refiner, processed 1.8% much less crude oil than a 12 months earlier at 896 million barrels within the first 9 months, or 3.28 million barrels per day.

Home gasoline consumption has been weighed down by Beijing’s prolonged COVID restrictions that crimped mobility and financial actions, forcing refiners to chop operations.

Highlighting weakened home gasoline demand, PetroChina’s gasoline output dropped 12% on the 12 months throughout the interval and that of aviation gasoline tumbled 33%.

Nevertheless, the agency’s fuel enterprise benefited from a 6.6% improve in home gross sales at 147 billion cubic meters, ensuing a 30% progress in working earnings within the fuel advertising and marketing phase.

“On account of the recurrence of COVID19 in some areas, the demand for refined oil in home market declined, whereas the demand for pure fuel in home market has been rising,” the agency mentioned in a submitting to the Hong Kong Inventory Alternate.

Its Hong Kong listed shares have dropped 4.9% year-to-date, versus a 34% fall within the .

($1 = 7.2220 renminbi)