China National Petroleum Corporation Reports 16.61bn Dollar Profit in 2005
Posted on: Saturday, 25 March 2006, 06:00 CST
Text of report in English by official Chinese news agency Xinhua (New China News Agency)
Beijing, 25 March: The China National Petroleum Corporation, the country's oil giant, scored a net profit of 133.36bn yuan (16.61bn US dollars) in 2005, up 28.4 per cent year on year. The company's profit in 2006 is expected to keep growing, mainly due to the profit rise in the upper stream business, natural gas and oil refining sectors, according to Vice-President Jiang Jiemin of the company.
Last year, the company achieved a turnover of 552.23bn yuan (68.77bn dollars), up 39 per cent over the previous year. Top priority was given to oil and gas exploration, with crude oil and natural gas reserves expanded by 864m barrels and 118.86bn cu.m., respectively.
Although crude oil the company processed last year rose by 6 per cent to 752.3m barrels, the sector's profit dropped 19.81bn yuan (2.47bn dollars) due to the government macro-economic control over the price of oil products.
Source: BBC Monitoring Asia Pacific
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