PetroChina, China’s largest state-owned oil and gas producer, posted a 29.9% year-on-year increase in third-quarter profits, while rival China Petroleum & Chemical Corp (Sinopec) saw a 38.7% decline over the same period, the South China Morning Post reported. Sinopec was hurt by rising crude oil costs, as it imports about 72% of the crude oil it needs for refining, whereas PetroChina imports only a small portion. PetroChina was helped by higher oil prices, higher output and government rebates on value-added taxes charged on crude oil. However, profit from PetroChina’s chemicals division is estimated to have dropped 75% to US$117 million from the second quarter, as global chemicals profit margins deteriorated.
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