PetroChina post 70 per cent fall in annual profits

PetroChina post 70 per cent fall in annual profits

PetroChina (NYSE:PTR), China’s biggest state-owned oil and gas firm, has announced plummeting net profits by almost 70 per cent for 2015.

The major oil producer posted net profits of US$5.46 billion for last year, down from $16.44 billion in 2014.

The state-owned company’s profits suffered from both the slump in oil prices over the past year and the slowdown of China’s economic growth.

PetroChina had warned the market it would post such a fall in profits earlier this year.

“In 2015, the economic recovery slowed down, the downward pressure on China’s economy continuously intensified, the overall supply in the oil and gas market was sufficient and the international oil prices kept dropping at a low level,” a company statement read.

PetroChina is based in Beijing and is the listed arm of the state-owned China National Petroleum Corporation.

@RGNonline