Transportation
PetroChina announces record net profit for 2024 on the back of higher production
PetroChina, Asia's biggest oil and gas producer announced on Sunday that its annual net profit had risen 2%, to a new record, due to moderately increased production, which helped offset lower oil price. PetroChina reported in a filing with the Shanghai Stock Exchange that its net profit in 2024 was 164.7 billion Yuan ($22.68billion), compared to 161.1 billion Yuan in 2023. Revenues also decreased 2.5%, to 2,938.0 Billion Yuan. CNOOC Ltd, a domestic peer company, reported an 11.4% increase in net profits to 137.9 bn yuan on Thursday. However earnings at the refining giant Sinopec dropped 16.8% to 50.3 bn...