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PetroChina in for better Q4 on strong crude; Q3 profit up

October 28/2010

(ICIS) -- State-controlled oil and gas player PetroChina may book better earnings in the December quarter, benefitting from the recent hike in domestic fuel prices amid continued strength in international crude values, analysts said on Thursday.

PetroChina had a 12.5% jump in third-quarter net profit to yuan (CNY) 34.7bn ($5.21bn) as sales surged 36% to CNY363bn because prices across all its products improved, the company said in a filing on the Hong Kong Stock Exchange late on Wednesday.

Crude consumption was expected to spike in November, when Chinas southern city of Guangzhou in Guangdong province would host the 2010 Asian Games. The month also marks the start of the winter season in the country.

Crude may continue its uptrend for the rest of the year, which would be positive for PetroChinas exploration and production sector, said Grace Liu, a Shenzhen-based analyst.

In the first three quarters of 2010, the company processed 657m barrels of crude oil, representing an increase of 8.3% from the same period last year, while its ethylene output surged 30.5% year on year to 2.67m tonnes.


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