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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: PetroChina profit falls 22 percent in 2008 AFP - Thursday, March 26 BEIJING (AFP) - - PetroChina, the listed unit of China's largest oil and gas producer, said Wednesday its net profit in 2008 fell 22 percent as the global downturn hit business and crude prices plunged. ADVERTISEMENT Net profit slid to 114.43 billion yuan (16.75 billion dollars), down from 146.75 billion yuan in 2007, driven lower by falling crude prices and shrivelling demand, the company said in a statement to the Hong Kong stock exchange. "Owing to the worsening and pervasive impacts of the subprime crisis in the United States and the global economic downturn, the expected demand for crude oil declined and international crude oil prices started falling sharply from August 2008," it said. The profit figure was lower than a Dow Jones Newswires analysts' forecast of 125.65 billion yuan. Revenue rose, however, to 1.07 trillion yuan from 836.35 billion yuan in the year-earlier period, the statement said. The company said it had produced crude oil and natural gas equivalent to 1.18 billion barrels of oil in 2008, up 5.7 percent from the year earlier. Its refineries processed 849.8 million barrels of crude oil in 2008, up 3.2 percent from 2007. However, the global woes hit the company's bottom line. "During the fourth quarter of 2008, demand for refined products decreased and supply exceeded demand, resulting from the spreading global financial crisis and domestic economic slowdown," the statement said. However, the company's chief said PetroChina would seek to expand overseas, saying the economic troubles had created buying opportunities abroad by reducing valuations and making countries more open to foreign investment. "Our internationalisation strategy is very important for the company. This year around 7.8 percent of company's total production (was overseas). That is not high enough," president Zhou Jiping told reporters in Hong Kong. He singled out Iraq's encouragement of overseas investors to help exploit the country's huge reserves. He also mentioned possible opportunities in Russia, Venezuela, Iraq and Qatar. PetroChina already has oil and gas operations in more than 10 countries including Indonesia, Canada and Chad. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy ICBC surges after Goldman extends share lockupReuters - Thursday, March 26 Wall St. rises on improving economic dataReuters - Thursday, March 26 US STOCKS SNAPSHOT-Wall St rises on improving economic dataReuters - Thursday, March 26 Ariane chief decries China for satellite launchAFP - Thursday, March 26 Related Articles: Business Ariane chief decries China for satellite launchAFP - Thursday, March 26 CBC to cuts 800 jobs in bid to balance budgetAP - Thursday, March 26 Oil prices fade as storage levels hit 16-year highAP - Thursday, March 26 MONEY MARKETS-3-month dollar Libor steady; spread narrowsReuters - Thursday, March 26 Postal chief says post office running out of moneyAP - Thursday, March 26 Enlarge Photo PetroChina profit falls 22 percent in 2008 Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Deutsche Bank might have to cut jobs: report Red meat raises death risk, white meat lowers it Snacking during labour is OK, study finds Scientists in possible cold fusion breakthrough Tuberculosis ravages HIV/AIDS patients: WHO View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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