China Knowledge reported that PetroChina Co Ltd China's largest oil producer net profit fell 6% YoY to CNY 62.03 billion in the first half of this year, due to continued loss in the oil-refining sector and weak demand for oil and petrochemical products.

The company's turnover rose 10% YoY to CNY 1.05 trillion in the first six months. Operating profit from the exploration and production segment, the main source of the firm's profit, grew to CNY 113.79 billion during the period from CNY 103.68 billion in H1 of 2011.

The oil-refining segment suffered a narrowed operating loss of CNY 23.31 billion in H1.

The company's crude oil output climbed 1.5% YoY to 4.52 million barrels in the period, and its production of natural gas rose 9% to 1,292.4 billion cubic feet.

The Chinese oil giant proposed an interim dividend of CNY 0.15 per share down from CNY 0.16 for the same period of last year.

Source - China Knowledge

(www.steelguru.com)