{"id":4580,"date":"2023-03-30T13:18:23","date_gmt":"2023-03-30T13:18:23","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=4580"},"modified":"2023-03-30T13:18:25","modified_gmt":"2023-03-30T13:18:25","slug":"petrochina-expects-oil-demand-recovery-after-record-2022-profit","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/4580\/","title":{"rendered":"PetroChina expects oil demand recovery after record 2022 profit"},"content":{"rendered":"
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PetroChina\u00a0(601857.SS), said on Thursday that it expects Chinese refined fuel demand to rise 3% this year from pre-COVID levels in 2019 and that of natural gas to be up 5.5% from last year, after reporting a record net profit for 2022.<\/p>\n\n\n\n

The top Asian oil and gas producer made the remarks on demand recovery during an earnings call on Thursday, after reporting a surge of 62.1% in net profit on Wednesday as stronger energy prices more than offset weak demand for fuel and chemicals.<\/p>\n\n\n\n

PetroChina’s net profit amounted to 149.38 billion yuan ($21.69 billion) last year, while revenue rose 24% to 3,239 billion yuan, the firm said in a filing to the Hong Kong Stock Exchange.<\/p>\n\n\n\n

The state energy giant produced 2.1% more crude oil last year at 906.2 million barrels (2.5 million barrels per day), and natural gas output rose 5.8% to 4,675 billion cubic feet (bcf).<\/p>\n\n\n\n

Crude oil production outside China grew 3.3% to 139 million barrels, while the company made new discoveries in Chad and Niger and extended production in Kazakhstan.<\/p>\n\n\n\n

Refinery crude throughput, however, dipped 1% last year to 1,213 million barrels, or 3.32 million barrels per day, as Chinese consumption of gasoline and aviation fuel took a hard hit from Beijing’s COVID-19 control measures.<\/p>\n\n\n\n

PetroChina recorded a 6.5% drop in domestic sales of gasoline, diesel and kerosene combined.<\/p>\n\n\n\n

“For 2023, the global economy is expected to continue to recover but at a slower pace and there are still many unstable and uncertain factors,” PetroChina said.<\/p>\n\n\n\n

Anticipating fuel demand recovery at home, the group aims to raise crude throughput to 1,293 million barrels this year, 6.6% above 2022.<\/p>\n\n\n\n

PetroChina aims to produce 912.9 million barrels of crude oil and 4,888.9 bcf of natural gas this year, up 0.8% and 4.6% respectively from last year’s levels.<\/p>\n\n\n\n

Capital spending is planned at 243.5 billion yuan for 2023, versus the 274 billion yuan spent last year, which was 13% higher than an earlier plan.<\/p>\n\n\n\n

On new energy, PetroChina has been focusing on wind and solar power, with total capacity of new energy developed and utilised amounting to 8 million tonnes of standard coal every year, it said.<\/p>\n\n\n\n

New energy is expected to make up 7% of its total output portfolio by 2025, before reaching a third by 2035, the firm added.<\/p>\n\n\n\n

PetroChina aims to bring its carbon emissions to a peak by around 2025 and reach near zero emissions by 2050, ahead of China’s national target of peaking carbon by 2030 and achieving carbon neutrality by 2060.<\/p>\n\n\n\n

PetroChina’s Hong Kong-listed shares were up 7.8% on Thursday, having risen 31% year-to-date, versus a 2.67% growth in benchmark Hang Seng Index\u00a0(.HSI)<\/p>\n\n\n\n

($1=6.8860 Chinese yuan renminbi)<\/p>\n

Updated on