PetroChina posts 13% rise in third quarter profit

PetroChina, China’s largest publicly traded oil company by capacity, reported a 13% rise in third-quarter profit to 34.7 billion yuan (US$5.21 billion), from 30.8 billion yuan (US$4.62 billion) a year ago. PetroChina’s profit for the nine-month period rose 23%. Analysts forecast that the company’s earnings this quarter will be boosted by strong oil demand and improved refining margins. During the first nine months, PetroChina’s crude-oil output rose 1.3% to 639.7 million barrels, while average selling price for crude oil jumped 46% to $71.76 a barrel. The state-controlled oil giant refined 657.4 million tons of crude, up 8.3%. (October 28, 2010)