omniture

Tootoo.com Reflects on CNPC’s Net Profits for First Half 2008

2008-08-29 14:01 1036


BEIJING, Aug. 29 /Xinhua-PRNewswire/ -- Tootoo.com today reflected on the announcement from PetroChina Company Limited on the net profit of China petroleum reaching about RMB53.6 billion, which has fallen about 34.5% compared with last year. The board of directors said the fall was caused by the raising cost of raw materials and the increasing special benefit of petroleum.

(Logo: http://www.prnasia.com/sa/200806051826.jpg )

Due to the inconsistency of raw oil and the price of oil products, the deficit of oil refining and sales is about RMB59 billion in the first half of this year, while the operating profit of the two sides is about RMB3.9 billion in the first half of last year. Mineral information in TooToo.com demonstrates that Chinese oil (http://www.tootoo.com/buy-oil /) has got a subsidy worth about RMB4.5 billon from the government. The experts think petroleum (http://www.tootoo.com/buy-petroleum/) will keep a normal and stable development rate in this situation.

According to the operating performance of the first half year, China production has increased by about 3.5% to 435 million barrels; the production of natural gas has increased about 15.7%. Crude oil has increased by 4.3% to 425 million, and gasoline has increased by 11.2%, with the output of diesel oil ( http://www.tootoo/buy-diesel_oil/ ) remains similar to last year. The profit of natural gas ( http://www.tootoo.com/buy-gas/ ) and pipelines ( http://www.tootoo.com/buy-pipeline/ ) has increased by 37% to RMB8.4 billion, which becomes the new profit increasing point of China petroleum.

In the second half year, China will focus on resource exploration. The capital expenditures of exploration and production will reach about RMB130 billion. The board of directors of CNPC has decided to public issue debenture, the total amount of which is less than RMB60 billion, within the boarders.

Source: Tootoo.com
Keywords: Oil/Energy
collection