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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (4172)	1/15/2005 1:09:33 AM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China’s CNPC profit soars to US$13.3b BEIJING: Chinese oil giant China National Petroleum Corp (CNPC) made a record profit of more than 110bil yuan (US$13.3bil) last year, up 50% from 2003, it was reported yesterday. The profit was fuelled by high oil prices and heavy domestic demand, the China Daily said without elaborating. CNPC’s total revenues for 2004 surpassed 560bil yuan, up 15.7% from 2003, Chen Geng, president of the state-owned firm, was quoted as saying. “Last year, the company produced 111.76 million tonnes of crude oil, accounting for 64% of China’s total crude production,” the report said. CNPC, the parent of New York and Hong Kong-listed PetroChina, is rumoured to be in line to buy a 20% stake in the core producing asset of Russia’s ailing oil major YUKOS. PetroChina has yet to report figures on its 2004 operations. Chinese oil companies are desperate to claim oil assets abroad to feed voracious demand growth, which sent crude imports surging by a third in 2004 to 2.42 million barrels per day (bpd). Natural gas had become a highly profitable part of CNPC’s business and the company produced 28.7 billion cubic metres of gas, or 70% of China’s total output, in 2004, Chen said. PetroChina officials said on Thursday CNPC was set to start up a major new gas pipeline to Beijing that should begin supply in August. The oil giant had in 2004 put into commercial operation China’s 4,000km west-east gas pipeline, which delivers natural gas from far western Xinjiang to Shanghai and neighbouring areas on the eastern coast. “As gas demand continues to surge, CNPC executives say they are considering the possibility of building a second west-east pipeline,” the China Daily said. The executives said the company was evaluating reserves in Xinjiang’s Tarim Basin for the project, but was not likely to move quickly because gas prices were too low, the report added. – Reuters biz.thestar.com.my