HONG KONG (AP) — State-owned PetroChina says third quarter profit rose by a fifth as it benefited from fuel price reforms that lifted refining margins at Asia's biggest oil producer.
The Beijing-based company said Tuesday that profit in the July-September period rose 19 percent to 29.8 billion yuan ($4.9 billion) over the year before.
Revenue rose 5.5 percent to 581.7 billion yuan ($95.5 billion).
Losses at PetroChina's refining division narrowed after Chinese authorities loosened controls earlier this year to allow domestic fuel prices to more closely track rising international prices.
The company said the smaller loss was "a result of taking advantage of the newly promulgated pricing mechanism for refined products."
Income at PetroChina's natural gas business jumped for similar reasons. Authorities allowed suppliers to raise prices in July by 15 percent.