PetroChina Posts Record Profits

PetroChina says its chemical business achieved a 6.6% increase in 2006 net profits, to a record Rmb142.2 billion ($1.8 billion), on sales up 24.8%, to Rmb688.98 billion. “The year 2006 marked further achievements and progress thanks to our strategies on marketing and globalization,” says PetroChina president Jiang Jiemin. PetroChina says it utilized its chemical facilities to full capacity in 2006. Overall output of chemical products reached 13.33 million m.t., an increase of 1.4% on 2005. Production of ethylene was 2.07 million m.t., an increase of...

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