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August 22nd, 2013 
Peter Nolan
STATE-OWNED PetroChina’s half-year profit rose to nearly $US11 billion ($A12.31 billion) as Asia’s biggest oil producer increased output of crude and natural gas.
The company said on Thursday its results were also helped by smaller losses at its refining and chemicals business after China reformed price controls so domestic fuel prices would more closely follow international prices.
PetroChina said January-June profit rose 5.6 per cent from a year earlier to 65.5 billion yuan ($A11.98 billion).
Revenue rose 5.2 per cent to 1.1 trillion yuan.
Beijing-based PetroChina said crude output grew 2.6 per cent to 464.2 million barrels.
Natural gas production rose 8.1 per cent to 1.4 trillion cubic feet.
Chairman Zhou Jiping said in the second half there may be “some difficulties for the rebound of the domestic economy” while the global outlook is “highly uncertain”.
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