CNPC sales reach 1 trillion yuan mark

PUBLISHED : Saturday, 22 March, 2008, 12:00am
UPDATED : Thursday, 11 June, 2015, 4:57pm

Sales at China National Petroleum Corp (CNPC) reached one trillion yuan (HK$1.1 trillion) last year as the nation's largest oil and gas company and parent of listed PetroChina expanded its oil and gas production.

The oil giant passed the milestone despite difficult times highlighted by its suffering multibillion-dollar losses at its refining division because of Beijing's domestic fuel price controls.

CNPC's turnover rose 24.06 per cent to one trillion yuan, up from 879.1 billion yuan in 2006, the company said in its newly released corporate social responsibility report. It did not provide profit figures.

Its subsidiary PetroChina, which owns essentially all of CNPC's oil and gas exploration and production assets except those in politically sensitive countries such as Sudan, said on Wednesday that net earnings increased 2.4 per cent to 145.62 billion yuan.

CNPC's oil output grew 2.16 per cent to 137.62 million tonnes, while natural gas output increased 20.41 per cent to 57.8 billion cubic metres (bcm). By comparison, PetroChina's oil production rose 1 per cent to 113.5 million tonnes and gas output grew 18.6 per cent to 46.15 bcm.

CNPC's refining volume last year climbed 5.49 per cent to 130.88 million tonnes, compared with PetroChina's 4.9 per cent growth to 111.5 million tonnes.

CNPC holds some small refineries and petrochemical plants not included in PetroChina as their operation scale and profitability is lower.

Petroleum output rose 5.17 per cent to 85.71 million tonnes, amid tight fuel supply through most of the year. Government fuel price controls saw the closure of many small refineries without self-owned oil fields.