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PetroChina now the world’s No 1 publicly traded oil major

April 05/2012
(news.flanders-china) -- PetroChina has overtaken Exxon Mobil as the world’s biggest publicly traded producer of oil. The company announced it pumped 2.4 million barrels a day last year, surpassing Exxon by 100,000 barrels.

PetroChina’s production increased 3.3% in 2011 while Exxon’s fell 5%. Exxon’s oil output also fell behind Rosneft, the Russian energy company. However, PetroChina posted a disappointing 26% drop in fourth-quarter net earnings as rising refining losses offset gains in the lucrative upstream business.

China’s largest oil producer earned CNY29.55 billion in the final quarter of last year, down from CNY39.9 billion a year earlier. For the full year, net profit fell 5% to CNY133 billion. PetroChina’s refining business posted an operating loss of CNY60.1 billion last year. Government control on fuel prices means refiners cannot freely pass on increasing crude rates to customers.
Author:Anna Larionova
Category:General News
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