The Hong Kong-listed arm of China's largest oil company...
The Hong Kong-listed arm of China's largest oil company, PetroChina, has announced a record net profit of $8.4 billion for 2003. The figure, up 48.4 per cent on the previous year, was helped by a sharp rise in oil prices.
However, the company continued to report flat output and reserves figures, raising questions about whether its performance in 2004, when it expects oil prices to fall, will be as rosy as last year's.
PetroChina's realised crude oil price per barrel was 21 per cent higher in 2003 at Dollars 27.20 but the company forecast a price this year of Dollars 26 per barrel.
The largest of China's three listed oil operators, PetroChina last year became a focus of international interest when US investor Warren Buffett bought a 13 per cent stake in the company.
Since its listing in 2000, PetroChina has expanded into downstream businesses such as petrol stations. Like its competitors, it has also sought to boost its reserves by seeking overseas acquisitions.
