PetroChina Parent CNPC Increases Profit by 30% as Oil Price, Demand Climb By Bloomberg News - Jan 13, 2011 4:40 PM GMT+0800 China National Petroleum Corp. , the parent of the countrys biggest oil and gas producer, increased its profit by 30 percent last year as oil prices rose. The majority shareholder in Hong Kong-listed PetroChina Co. earned 167.6 billion yuan ($25.4 billion), President Jiang Jiemin said in a statement on CNPCs website today, without specifying whether the income was before or after tax. Profit reached 128.6 billion yuan in 2009, its annual report shows. CNPC benefited from the 15 percent jump in oil prices last year and higher output from fields outside China. The Beijing- based company, which holds assets and interests in 30 countries, said overall crude output may rise by an average of 2 million metric tons annually during the next five years, and CNPC is targeting a rapid increase in gas production. The estimated increases make sense, Yin Xiaodong , chief oil analyst at Beijing-based Citic Securities Co., said by telephone. Gas production growth will definitely outpace increases in oil, and overseas acquisitions will give CNPC a strong boost in the long term. CNPCs oil and gas production in countries including Kazakhstan rose 14 percent last year. PetroChina said this week its venture with BP Plc met their 2010 output target for the Rumaila oilfield in southern Iraq. PetroChina rose 9 percent in Hong Kong trading last year, compared with the 5.3 percent gain in the benchmark Hang Seng Index . The stock advanced 2.1 percent to close at HK$10.74. Global Business CNPCs overall production exceeded 200 million tons of oil equivalent last year, of which domestic fields accounted for 163 million tons, according to todays statement. PetroChina is targeting 400 million tons of oil equivalent in annual output by 2020 and plans to spend at least $60 billion in the next decade on overseas acquisitions, Jiang said in March. CNPCs total assets doubled to 2.62 trillion yuan ($397 billion) as of 2010 compared with end-2005. The parent company will build a global resource and trading network, Jiang said in todays statement. We will focus on investing in oil and gas assets and developing our engineering and technical services business. This week, PetroChina agreed to form a venture with U.K. refiner Ineos Group Holdings Plc, gaining a foothold in Europe. The venture adds to $6.9 billion of acquisitions by PetroChina in countries from Australia to Singapore in the past two years. Expect the listed flagship PetroChina to become even more bold and aggressive in their overseas acquisition plans, which could focus on Central Asia and Canada, Gordon Kwan , head of regional energy research at Mirae Asset Securities Ltd., said by e-mail. The global MA buyout is still alive and well. -- Wang Ying and Chua Baizhen in Beijing. Editors: Ryan Woo , John Viljoen . To contact the reporter on this story: Wang Ying in Beijing at ywang30@bloomberg.net ; Baizhen Chua in Beijing at bchua14@bloomberg.net To contact the editor responsible for this story Amit Prakash at aprakash1@bloomberg.net .
标签: 中石油
