Petrochina Expects Stellar 2021 Profits

Technicians of PetroChina check manufacturing equipment at a natural gas purifying plant in Suijing, Southwest China's Sichuan province. [Photo by Liu Changsong/For China Daily]

Petrochina Co Ltd said on Jan 12, 2022, that its preliminary net income for 2021 rose by between 374 percent and 395 percent year-on-year as oil and gas prices surged.

The bottom line performance set a seven-year record.

Net profit attributable to shareholders will increase by between 71 billion yuan ($11.2 billion) and 75 billion yuan over the 2020 level of 19 billion yuan, the company said in an exchange filing.

The company attributed the strong performance to seizing favorable market opportunities, consistent innovation and green transition.

Petrochina has been pushing forward high-quality development in 2021, stepping up oil and gas exploration and exploitation while further enhancing refining structure optimization and transformation.

It has also been coordinating and optimizing the allocation of natural gas resources while steadily promoting new energy and new materials business layout, said the company.