PetroChina posts profit in 2003

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Last updated at: (Beijing Time) Thursday, March 25, 2004

PetroChina posts profit in 2003

PetroChina Company Limited (PetroChina) announced Wednesday a net profit of 69.614 billion yuan (8.38 billion US dollars) in 2003, up 48.40 percent from the same period in 2002.

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PetroChina Company Limited (PetroChina) announced Wednesday a net profit of 69.614 billion yuan (8.38 billion US dollars) in 2003, up 48.40 percent from the same period in 2002.

This is PetroChina's best-ever performance since its initial public offering (IPO) in April 2000. For the first time, the company realized full profitability in all four business segments.

PetroChina said the performance is primarily attributed to the strong demand from the domestic petroleum and the petrochemical market, driven by the sustainable and rapid development of the Chinese economy.

It is also a result of strengthened management, structural optimization, technological innovation, market expansion and improvements in the company's operational efficiency.

PetroChina said during the period, the company's turnover reached 303.779 billion yuan (36.59 billion US dollars), up 24.28 percent from the same period in 2002. Basic and diluted earnings per share grew 0.13 yuan to 0.40 yuan. The company's Board of Directors have recommended a final dividend of 0.079 yuan per share for the year 2003.

Chen Geng, president of PetroChina said "the overall development of PetroChina in 2003 was better than expected. Faced with the SARS epidemic and market changes both at home and abroad, the company fully met and surpassed all production and operational targets by seizing opportunities in a timely manner, strengthening management and expanding the market."

He said the company's overall strength has increased substantially, which has provided a good condition for future growth.

Looking ahead, the company will continue to cement exploitation of oil and gas resources, push ahead with the adjustment and optimization of its refining and chemicals business, speed up the construction of key projects including natural gas pipelines, reinforce marketing efforts and develop overseas business.

For the exploration and production business, the company will accelerate the exploitation of reserves in new areas while exploring potential in existing oilfields, with a view to enhance oil recovery.

For the refining, chemicals and marketing businesses, the company will continue to raise its refining and chemical production levels through optimizing resources allocation, product structure and operation, and increasing output of high value-added and marketable products.

For the natural gas and pipeline business, the company will ensure the completion of the west-east gas pipeline project in October and the commercial gas supply from Tarim, Xinjiang Autonomous Region to Shanghai and Zhejiang by Dec. 31, 2004. The company's Zhongxian-Wuhan pipeline will be ready for the commercial supply of natural gas by the end of 2004.

For its overseas business, the company will accelerate the implementation of its overseas business development strategy, expand overseas exploration and development in an active yet prudent manner, and actively look for new projects.

PetroChina is one of the largest companies in the Chinese mainland in terms of sales.

Source: Xinhua

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