PetroChina reports record first-half profits

PetroChina said that it had recorded a record operating profit in the first half of 2009, although it did not provide specific figures, the South China Morning Post reported. The listed unit of China National Petroleum Corp said its first-half earnings were the highest since its stock market flotation. Analysts said the record refining profit was unexpected; China’s oil refining industry has suffered four years of losses due to price controls. Gordon Kwan, Mirae Asset Securities regional head of energy research estimated that PetroChina’s first-half refining operating profit would reach US$1.17 billion in 2009, compared with a loss of US$8.64 billion in 2008.