CNPC hits target despite cuts
State-owned China National Petroleum (CNPC) has met its four billion yuan profit target in 1998, the China News Service said yesterday. However, the Asian financial crisis, rampant domestic oil smuggling and low international oil prices had forced the group to cut output by 1.39 million tonnes. CNPC's sales were 201 billion yuan, and pre-tax profits reached 29.75 billion yuan, it said without giving comparative figures. CNPC's oil fields produced 107.35 million tonnes of crude oil and 14.89 billion cubic metres of natural gas - both surpassing last year's levels. CNPC subsidiaries processed 65.15 million tonnes of crude and produced 1.28 million tonnes of ethylene.