State energy giant PetroChina reports 130 per cent increase in net profit, eyes energy cooperation with US
- Company reports net profit of 52.59 billion yuan for 2018
- We can improve the US-China trade structure, says president
PetroChina, the country’s largest oil and gas producer, will seek deeper ties with energy producers in the United States, with the hope of playing a key role in helping the two countries resolve their trade war, its president said on Thursday.
Hou Qijun highlighted the countries’ complementary roles in an energy market of the future, with China’s drive against air pollution continuing to boost demand for natural gas, and the US’s emergence as a gas export powerhouse in a few years’ time.
“Through this cooperation we can improve [the countries’] trade structure, which is conducive for the diversification of our energy import sources,” he said after the company’s results announcement.
PetroChina posted a 130.7 per cent year-on-year increase in net profit for 2018 to 52.59 billion yuan (US$7.86 billion), in line with its own expectations of between 50.8 billion and 52.8 billion yuan, announced in January.
For this year, the state-backed company is forecast to report a net profit of 57.5 billion yuan, according to an average of estimates by 18 analysts polled by Bloomberg.
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A final dividend of 6.27 fen and a special dividend of 2.73 fen per share was declared, bringing the company’s full-year payout to 17.88 fen, up 37.5 per cent from 13 fen in 2017.