Oil giant soars

PetroChina, the mainland’s largest oil producer, said its net profit surged 28.4 percent to a record 133.36 billion yuan (HK$128.85 billion) last year, buoyed by high oil prices and hungry demand in the world’s fastest-growing economy. Analysts warned, though, that a repeat of last year’s growth rate would be difficult to achieve this year because another 40 percent rise in crude oil prices is unlikely.

PetroChina’s earnings will continue to climb provided its average oil price stays at US$40 a barrel or above, said vice chairman and president Jiang Jiemin. “Looking ahead, the company anticipates a positive business environment in 2006 as global crude oil prices are expected to remain high while domestic demand for oil, gas and petrochemical products stays strong,” Jiang said.

thestandard