PetroChina: warns of severe market

in Non-Renewable Energy by

PetroChina, the Chinese oil and gas giant, saw soaring costs devour much higher revenues in the first half to post a similar profit to a year ago. PetroChina said it piled on revenues in the six months to the end of June despite “a complex macroeconomic environment” which saw volatility in oil prices and poor demand for petrochemical products.

The second half could prove even more challenging with the company warning: “The uncertainty and instability of the global economic recovery may become more severe, while the global financial markets and crude prices may see greater fluctuations.”

Read more: Yahoo News


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