MOSCOW (MRC) -- PetroChina said that the company is estimated to swing to profits from losses in the first half of this year amid broad demand recovery and strengthening oil prices, said the company.
PetroChina made an estimated profit of 45bn-60bn yuan (USD7.3bn-9.3bn) in January-June this year after it declared a net loss of Yn30bn in the same period of 2020. Its estimated first-half 2021 profit would also be up sharply from Yn28.4bn in January-June 2019.
As it was earlier said, PetroChina's first-quarter revenue was up 8.4% at 551.9 billon yuan. Asia's biggest oil and gas producer swung to a 27.7 billion yuan ($4.28 billion) first-quarter net profit, having posted a loss in the same period last year, and announced that it is setting up a new investment vehicle with a focus on strategic assets and low-carbon projects.
As per MRC, PetroChina Jilin Petrochemical, a subsidiary of China's state-owned oil giant PetroChina, shut polyethylene (PE) production in Jilin province (Jilin, northeast China) on 1 June for routine maintenance. The work at this facility, which includes a 320,000 tonnes of HDPE line and a 290,000 tonnes LLDPE line, is expected to take approximately 45 days.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 744,130 tonnes in the first four month of 2021, up by 4% year on year. Shipments of all PE grades increased.
PetroChina is a Chinese state-owned oil company engaged in the exploration, development and production of oil and natural gas, as well as the refining, transportation and distribution of oil and petroleum products, petrochemical products and the sale of natural gas. CNPC owns 86% of the company's shares. PetroChina again became the most valuable energy company in the world on April 9, 2015, surpassing ExxonMobil in terms of capitalization.
MRC