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PetroChina third quarter profit surges on recovering oil prices, pipeline spin-off

October 30/2020

MOSCOW (MRC) -- PetroChina, Asia"s largest oil and gas producer, reported a surge of around 350% in third-quarter profit versus a year earlier, owing to recovering oil prices and revenue from pipelines spin-offs, said Reuters.

Net income reached 40.05 billion yuan (USD6 billion) versus 8.86 billion the same period a year ago, and compared with a loss of 13.75 billion the previous quarter when decades-low oil prices hammered its revenue.

PetroChina in September completed the spin-off of its pipeline and storage facilities and a liquefied natural gas (LNG) terminal in Shenzhen to newly established PipeChina for 268.7 billion yuan.

Profit for the first nine months fell 73% year-on-year to 10.07 billion yuan. Crude oil production between January and September rose 2.7% on the year to 701 million barrels, in response to Beijing�s urge to improve national energy security.

Total gas output increased 6.5% to 3,080 billion cubic feet. Its domestic operation, making up 94% of the total, rose 8.2% on year while that of overseas projects fell 16%.

The company, China�s second-largest refiner, processed 877.3 million barrels of crude during the period, down 3.2% from a year earlier.

As MRC informed earlier, PetroChina Daqing Petrochemical, a subsidiary of Chinese petrochemical giant PetrChina, closed its polypropylene (PP) plant in Daqing City (Daqing, Heilongjiang Province, China) on September 29 for technical reasons. The company stopped both lines with a total capacity of 300 thousand tons of PP per year (No. 1 - 180 thousand tons and No. 2 - 110 thousand tons per year) - for technical reasons.

As MRC reported earlier, Ufaorgsintez (UOS, Bashneft�s petrochemical asset) has resumed its polypropylene (PP) production after a shutdown for maintenance. The plant"s customers said Ufaorgsintez had resumed its PP output since 13 October after the shutdown for a scheduled turnaround. The outage was quite long and started on 12 September. Ufaorgsintez"s overall PP production capacities are 120,000 tonnes/year.

PetroChina is a Chinese state-owned oil company. It is engaged in the exploration, development and production of oil and natural gas, as well as the refining, transportation and distribution of oil and oil products, petrochemical products and the sale of natural gas. CNPC owns 86% of the company.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, neftegaz, petrochemistry, PetroChina.
Category:General News
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