PetroChina’s first quarter net up

Petrochina, Asia’s biggest oil producer, saw first quarter profit jump by 71.2% from a year earlier, thanks to growing domestic demand and crude oil prices. The company’s net income climbed to 32.5 billion yuan (US$4.8 billion) in the first three months while sales revenue jumped 75.2% to 318.8 billion yuan (US$46.7 billion) in the first three months. PetroChina attributed the growth in profits to rising global crude oil prices and soaring domestic demand. It sold 27 million tons of gasoline, diesel fuel and kerosene in the first quarter, a 27.3% increase year-on-year. (April 29, 2010)