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People & Business :: People/Executives

PetroChina widens first-quarter chemical losses, appoints new chairman

4:37 AM MDT | April 26, 2013 | Natasha Alperowicz

PetroChina says that demand for refined products in the first quarter of this year was weak, while the petrochemicals market remained depressed. China’s GDP experienced a slowdown in growth, with a rise of 7.7% compared with the same period of last year. As a result of prolonged weakness in the petrochemicals market, the company’s chemicals operations incurred an operating loss of 3.18 billion renminbi ($516.04 million), compared with Rmb2.77 billion in the year-earlier period. The refining and chemicals segments combined recorded an operating loss of...

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