IHS Chemical Week

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PetroChina’s Refining and Chemicals Business Swings to a Loss

3:46 AM MDT | March 30, 2012 | Deepti Ramesh

PetroChina’s refining and chemicals business reported an operating loss of Rmb61.8 billion ($9.8 billion) for the full year 2011, compared with an operating profit of Rmb7.8 billion in 2010. The chemicals business alone reported an operating loss of Rmb1.77 billion in 2011, while the refining business recorded an operating loss of Rmb60.08 billion. The operating profits for the chemicals business in 2010 were not disclosed. Sales at the refining and chemicals business increased by 27.5% in 2011, to Rmb847.7 billion, mainly due to an increase in the selling...

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