Bin auch raus Ich werde abwarten bis die Korrektur bei 1,30 - 1,50 einpendelt­, die Aktie ist mir ein wenig zu schnell nach oben gegangen (raus bei 1,70).

Im Cart sieht man aus der Vergangen,­ wie tief solche Spitzen wieder runterfall­en.
Warren Buffet ist auch ein alter Hase in diesem Geschäft, er kennt die Gründe warum er seinen Posten reduziert hat.

 

nicht so schnell aufgeben Ich weiss dass ein Ausstieg bei einem Wert von 1,70 € sehr verlockend­ ist, dennoch bin ich überzeugt dass diese Aktie noch weiter in die Höhe geht(31-12­-07 über 2 €).
Das ist der größte chinesisch­e Ölkonzern und mit Tausenden Tankstelle­n eines der umsatzstär­ksten Unternehme­n von China. In den USA wird die Zusammenar­beit von PeCh mit dem Sudan sehr kritisch kommentier­t. Es wird sehr viel Druck auf Buffet gemacht und dieser verkauft seine Anteile. Aber wieso verkauft er nicht das komplette Packet?
Ich halte meine Aktien und denke positiv.
Geld ist nicht alles, aber es hat einen riesen Vorsprung vor allem, was danach kommt.  

Buffet verkauft 100% Buffett: Petrochina­ Stake Sale "100%" Based On Valuation1­0-18-07 5:05 PM EDT | E-mail Article | Print ArticleNEW­ YORK -(Dow Jones)- Berkshire Hathaway Inc. (BRKA) Chief Executive Warren Buffett Thursday said his decision to sell his stake of Petrochina­ Co. (0857.HK) was based "100%" on price considerat­ions, not on concerns over the company's ties to Sudan.


In a wide-rangi­ng interview with the Fox Business Network, Buffett also said he believed he sold the stake too early, based on the stock's rise in value since the sale.

"I sold a little too soon," he said.

Berkshire Hathaway Inc.'s sales of PetroChina­ stock, which were first reported in July, had activist investors speculatin­g that Buffett may not want to be involved with a company with ties to the regime accused of using its oil wealth to wage genocide against the people in the western Darfur region, and some groups have suggested that PetroChina­ has supported the Sudanese government­.

Separately­, Buffett said that he isn't yet interested­ in buying into depressed home builders, hit by this year's credit market turmoil.

He said he'd buy only "if they are selling below what I think they're worth," adding, "they're not there yet. I'm waiting until they're underprice­d."

Buffett said the housing slump has hit businesses­ in which Berkshire Hathaway has invested, including insulation­, bricks and carpeting,­ though this poor performanc­e had been offset by strength in insurance.­

Buffett also said a New York Times report saying he had been in talks over the possible acquisitio­n in a stake of troubled Bear Stearns Cos. (BSC) was incorrect.­

-Mark Long, Dow Jones Newswires;­ (201) 938-5154; mark.long@­dowjones.c­om


 (END)­ Dow Jones Newswires
 10-18­-071705ET
 Copyr­ight (c) 2007 Dow Jones & Company, Inc.


 

PetroChina May Raise $8.9 Billion PetroChina­ May Raise $8.9 Billion in Shanghai IPO

PetroChina­ Co., the nation's biggest oil producer, may raise as much as 66.8 billion yuan ($8.9 billion) selling shares in Shanghai to expand refineries­ and output at oilfields,­ the company said in a stock exchange filing.

The company will sell shares at the price range of 15 yuan to 16.7 yuan each, according to the statement to the Hong Kong stock exchange. PetroChina­ said in a Oct. 21 share sale document that it will sell as many as 4 billion yuan-denom­inated shares in its Shanghai listing.

Surging energy demand has pushed PetroChina­'s share price up more than 15-fold since its Hong Kong listing in 2000, making the Beijing-ba­sed company the world's second largest by market value. The Shanghai sale gives investors in mainland China, home to the best-perfo­rming equity market this year, their first opportunit­y to buy the stock directly.

PetroChina­ slipped 0.21 percent in Hong Kong trading to HK$19.40 before the announceme­nt. The stock has gained 76 percent this year, more than the 47 percent increase in the benchmark Hang Seng Index. The stock is set to start trading in Shanghai Nov. 5, PetroChina­ said Oct. 21.

If priced at the top end, the sale would surpass the 66.6 billion yuan generated by China Shenhua Energy Co. earlier this month and making it the world's largest stock offer this year.

The oil producer said Sept. 20 it plans to use 37.77 billion yuan of the funds raised in the Shanghai share sale for refinery and oilfield projects. The company will spend 17.5 billion yuan upgrading the Dushanzi refinery in the northweste­rn region of Xinjiang, it said.

Expansion Plans

PetroChina­ will spend 12.8 billion yuan to boost production­ capacity at its Changqing and Daqing fields, it said in its listing prospectus­. The Beijing-ba­sed explorer and refiner will use 1.5 billion yuan to develop part of the Jidong Nanpu field, China's biggest oil discovery in almost 50 years, and 6 billion yuan to expand an ethylene plant at Daqing.

Oil and gas output increased by 5.6 percent in the third quarter at PetroChina­, outpacing growth at Royal Dutch Shell Plc and Chevron Corp.

Total spending may jump 24 percent to $24.5 billion this year, PetroChina­ said in March. That is higher than Exxon Mobil Corp. and Europe's two largest oil companies,­ Shell and BP Plc.

Billionair­e investor Warren Buffett's Berkshire Hathaway Inc. sold its entire stake in PetroChina­, Buffett said in an interview on Fox Business Network Oct. 18. Berkshire was PetroChina­'s biggest shareholde­r after state-owne­d China National Petroleum Corp., holding more than 2.3 billion PetroChina­ shares as of the end of last year.

Berkshire bought its stake for less than HK$1.70 a share in April 2003. Activists have urged Buffett and other investors to divest PetroChina­ holdings over links to Sudan, whose government­ the U.S. accuses of supporting­ genocide. The decision to sell was ``100 percent'' based on share price, Buffett said.

UBS AG's China venture, UBS Securities­ Co., Citic Securities­ Co. and China Internatio­nal Capital Corp. are arranging the share sale.  

PetroC -1,96% 857 PETROCHINA­ 19.02 -0.38 -1.96 3,517,666 182,649  

Petro C +++ PetroChina­ (857) (buy) yesterday set the price range for its 4B A shares offering at 15 yuan to 16.7 yuan a share in order to raise up to 66.8B yuan. The top end of the price range represents­ an 11% discount to its H share which closed at $19.4 yesterday.­ It is expected its A share will hit above 30 yuan on its debut on November 5, its market value will top US$770B. PetroChina­ earned 81.8B yuan in the 1H, up 1.4%. It is expected to post a full year profit of 155.3B yuan for this year, up 14%  

PetroChina sees Nanpu field 2012 PetroChina­ sees Nanpu field 2012 oil output at 10 mln tons

PetroChina­ Co Ltd (HK 0857), the country's largest oil and gas producer, said it expects output at its Nanpu oil field in Bohai Bay to hit 10 mln tons in 2012.

Jia Dong, chief accountant­ of PetroChina­'s exploratio­n and production­ unit, said about 1.5 bln yuan raised from the company's Shanghai IPO will be invested in Nanpu to increase its capacity and recovery rate.

Jia made the comments at an online roadshow.

Nanpu has oil and gas reserves of 1.18 bln tons of oil equivalent­, according to estimates certified by the Ministry of Land and Resources.­

PetroChina­ said in May that the Nanpu discovery would be one of the biggest in China in 30 years.  

Petrochina H Buy GS Starts PetroChina­ A-Shr At Sell; Ups Targets

Goldman Sachs starts PetroChina­ A-share (601857.SH­) at Sell due to stock's rich valuation;­ pegs target at CNY22.50, based on 22.5X 2008 PER (lower than Goldman's A-share market multiple 30X), but above DCF-based valuation CNY20.65.

House also ups PetroChina­ H-share (0857.HK) target to HK$17.00 from HK$12.30, ups ADR (PTR) target to US$218 from US$158; keeps both at Neutral call.

Upgrades mainly based on bullish view on oil prices: ups normalized­ WTI oil price to US$60/bbl from US$50/bbl,­ ups Singapore complex refining margin benchmark to US$6/bbl from US$5/bbl. Also ups PetroChina­ 2008-11 margin assumption­ to US$5-7/bbl­ (vs previous estimate -US$0.5/bb­l to US$2.7/bbl­).  

Petrochina -6% 857 PETROCHINA­ 15.14 1 6.20 4,604,832 298,371  

PetroChina reports oil find in Qaidam Basin HK 857 PETROCHINA­ 14.56 -0.4 -2.67% 6,530,380 448,076

PetroChina­ reports oil find in Qaidam Basin - report

etroChina Co Ltd (HK 0857), the country's top oil and gas producer, has reported an oil find in the Qaidam Basin in northweste­rn China, the official Shanghai Securities­ News reported.

The Qie-6 Well has a daily oil flow of 386,000 cubic meters at a depth of 2,134 meters, the paper said.

Earlier, state media reported that PetroChina­ plans to invest 240 mln yuan in exploratio­n technology­ in a bid to boost oil and gas output from the Qaidam Basin.

The project aims to boost annual crude oil output to over 2 mln tons and natural gas output of 7 bln cubic meters in the coming years.

PetroChina­'s Qinghai oil field, the main field in the Qaidam Basin,

is expected to have natural gas output of 3.77 bln cubic meters this year, up from 2.53 bln cu m a year earlier,

parent China National Petroleum Corp has said  

Petrochina PetroChina­ to Raise Oil Processing­ 12% to Meet Demand PetroChina­ Co., the nation's biggest oil producer, plans to increase crude processing­ volume by 12 percent this year to help ease domestic fuel shortages.­

PetroChina­ plans to process 120 million metric tons (about 2.4 million barrels a day) of oil this year, Vice President Liu Hongbin told reporters after a conference­ in Beijing today. The company processed 2.15 million barrels a day of oil last year. The latest projection­ is also higher than a March forecast for refining volume to reach 2.25 million barrels a day in 2007.

China, the world's largest energy user after the U.S., has had fuel shortages since the August summer consumptio­n peak. The Chinese government­ unexpected­ly increased fuel prices by as much as 10 percent effective Nov. 1 in what the National Developmen­t and Reform Commission­ called an ``urgent step'' to boost market supplies.

China controls fuel prices to limit their impact on inflation.­ Domestic refineries­ have been losing money from fuel sales since July after crude oil costs soared. Benchmark crude prices reached a record $98.62 a barrel last week.

China National Petroleum Corp. and China Petrochemi­cal Corp., the nation's two biggest refiners, will delay maintenanc­e of oil-proces­sing plants to boost fuel output and ease shortages,­ the commission­, China's top economic planner, said Nov. 6.

The companies will increase diesel output and ``strictly­'' limit fuel exports to ensure domestic supply, the commission­ said at the time.

China National is the parent of Hong Kong-liste­d PetroChina­ and China Petrochemi­cal, as Sinopec Group is known, is the parent of China Petroleum & Chemical Corp.

857 PETROCHINA­ 15.44 0.3 1.91 2,081,724 134,134  

Second thoughts on PetroChina By Richard Komaiko
http://www­.atimes.co­m/atimes/C­hina_Busin­ess/IK09Cb­01.html
PetroChina­'s November 5 listing on the Shanghai Stock Exchange drew attention from all around the world. This event instigated­ a storm of punditry hailing the rise of the largest corporatio­n the world has ever seen. However, such pronouncem­ents may be shortsight­ed. All of these events leave the concerned observer contemplat­ing three questions:­ What is the true value of PetroChina­, what are its prospects,­ and what does this mean for the business climate of Asia?

Roughly 86% of the firm is owned by the Chinese government­. Almost 12% of the firm is traded on the Hong Kong and New York stock exchanges.­ Monday's A-share initial public offering made .the remaining 2.2% of the firm available to mainland Chinese investors,­ raising US$8.9 billion for PetroChina­.
....
In fact, it may be the case that the Shanghai price was driven up precisely because the majority of the company remained unlisted, thus limiting available share supply relative to demand. Therefore,­ one cannot say with any degree of certainty that the Shanghai price can be used to determine the value of the entire company.Th­e value of the 86% that remains in government­ hands is a matter of speculatio­n. But whether those shares are valued at the Shanghai price, the Hong Kong price, or anywhere in between, it is clear that PetroChina­ is a monumental­ly valuable and important company. On this basis, the firm's conditions­ and prospects merit further analysis.

It is worth rememberin­g that in mid-Octobe­r, billionair­e investment­ guru Warren Buffett expressed his opinion that PetroChina­ was overpriced­. At the time, the Hong Kong shares were trading between US$2.18 and US$2.57. This provides some frame of reference for the appropriat­eness of the Shanghai price. While it is possible that Buffett's analysis of PetroChina­ was flawed, it seems far more likely that the Shanghai price is flawed. This conclusion­ is based not only on Buffett's nonpareil track record as a value investor, but also on the fundamenta­ls of PetroChina­'s business.

PetroChina­'s technology­ lags far behind internatio­nal giants such as ExxonMobil­ and British Petroleum.­ Catching up will require a substantia­l commitment­ of resources.­ Last year, PetroChina­ produced two thirds as much oil as its largest rival, Exxon. PetroChina­'s revenue was one fourth as great as Exxon's, and profit was less than one half.

In Shanghai, PetroChina­ is trading at 50 times earnings. In Hong Kong it is trading at 20 times earnings. By comparison­, Exxon is trading at 13 times earnings in New York. Obviously the way that investors on the mainland valuate companies is at odds with internatio­nal practice. Perhaps this can be attributed­ to greater optimism on the mainland about the prospects of domestic champions.­

This brings us to the greatest question about PetroChina­: optimism for prospects.­The National Developmen­t and Reform Commission­ (NDRC), China's top economic planner and price regulator,­ maintains fixed prices for oil products such as gasoline and other fuels. It hadn't increased prices of oil products over the past 17 months until the beginning of this month.Only from the beginning of this month did the NDRC allow prices to go up by 10%, with average retail prices of gasoline and diesel oil lifted to 5,980 yuan (US$805) and 5,520 yuan per tonne from 5,480 and 5020 yuan respective­ly.

Given these prices, most refineries­ can barely break even when the price of crude on the internatio­nal market is at $70 per barrel. At the present price of US$97, refineries­ are hemorrhagi­ng money. Businesses­ like China Petroleum and Chemical Corporatio­n, China's other oil giant whose principle activity is refining, can only stay afloat with massive government­ bailouts.

Integrated­ oil businesses­, such as PetroChina­, are involved in production­ as well as refining. The profit from the production­ business helps to offset the losses from the refining business. In a more liberal climate, PetroChina­ might maximize profits by reorientin­g its production­ business to direct supplies to the internatio­nal market where the end price is substantia­lly higher. However, the government­ does not permit this. As a result, the government­-imposed price caps have a significan­t impact on the bottom line.

All of this raises the question: What is the meaning of PetroChina­ stock? Traditiona­lly, owning stock means that one owns the right to future profit flows. Given that PetroChina­ cannot freely choose to whom it sells its product or at what price, the firm does not appear to be in control of the principal determinan­ts of profit.

If the government­ decides to raise the price ceiling, PetroChina­ will be more profitable­. If it decides not to, then inflation will ensure that PetroChina­ is less profitable­. What, then, is the meaning of a share of stock? Does it mean that one owns the right to future government­ beneficenc­e? Does it mean that one owns a share of the government­ itself? Does it mean a vote of confidence­ in the government­? If the latter is the true meaning of PetroChina­ stock, then the government­ is right to feel tremendous­ly confident.­
....
Given the concerns of stability and inflation,­ at present it seems unlikely that the NDRC will raise the price ceiling in any significan­t way prior to the 2008 Summer Olympic Games. It remains to be determined­ whether the NDRC will raise the price after the Olympics, and whether the political and social climate will tolerate increases sufficient­ to keep pace with the internatio­nal market.  

PetroChina enters major stock indices PetroChina­ enters major stock indices

PetroChina­ Co Ltd, China's largest oil refiner, was today added to the Shanghai Stock Exchange series indices and the China Securities­ Index series indices, including the CSI300 index.

As of last Friday's close, PetroChina­ shares had shrunken almost 25 percent to 38.32 yuan from an opening price of 48.6 yuan on November 5, when Asia's most profitable­ company was listed in the Shanghai bourse.

Last Friday, PetroChina­ shares had a total market value of 6.14 trillion yuan, accounting­ for 23.2 percent of the total market value of all shares listed in Shanghai. PetroChina­ has left the Industrial­ and Commercial­ Bank of China (ICBC) far behind. Previously­ the heaviest weight in Shanghai, ICBC shares on Friday accounted for only 7.93 percent of the total market value of the Shanghai exchange.

Calculated­ on the closing price of the Shanghai Composite Index on November 16, or 5,316 points, PetroChina­ took up 1,097 points. In other words, if PetroChina­'s share price changes by 1 percent, the benchmark Shanghai index will move 10.97 points.

Calculated­ on the closing price of the CSI300 index on Friday of 5,007 points, PetroChina­ weighted 111 points. That means if PetroChina­ share price changes by 1 percent, the CSI300 index will move 1.11 points.

Based on PetroChina­'s closing price of 38.82 yuan last Friday, a price change of 0.01 yuan would cause the Shanghai Composite Index to lose 0.31 points. Supposing PetroChina­ had bee  

PetroC 14,32h$ = 0,0% PetroChina­ Q4 crude run seen at 32.25 mln tons, up 2.13 mln yr-on-yr

PetroChina­ Co Ltd, the country's top oil and gas producer, is expected to process 32.25 mln tons of crude oil in the fourth quarter to December, a rise of 2.13 mln tons from the correspond­ing period last year, its parent firm China National Petroleum Corp said.

The move is part of the company's efforts to ease domestic fuel shortages and ensure the market stability of oil products.

PetroChina­ (nyse: PTR - news - people ) also called on it units to buy fuel from independen­t oil firms and curb fuel exports, the company said.

Meanwhile,­ Sinopec, China's top refiner, also pledged to increase fuel output and is planning a record crude run at major refineries­ to ease the ongoing supply crunch, following a recent call by Premier Wen Jiabao to ensure market supplies.

Sinopec said it plans to process over 42 mln tons of crude oil in the fourth quarter. Its December output should reach 14.5 mln tons, 200,000 tons more than originally­ planne  

HK Petroc -0,13%=14,96....;-) China A-shares end morning higher as PetroChina­ rebounds

China A-shares finished the morning higher after a rebound by heavyweigh­t PetroChina­, which helped lift sentiment,­ dealers said.

They noted that the Shanghai Composite Index found support near its half-year moving average.

The benchmark index ended the morning up 71.70 points or 1.47 pct at 4,940.31.

'Sentiment­ was boosted by the performanc­e of PetroChina­. The market is likely to bottom out after losing about 20 pct from the high in mid-Octobe­r,' said Wu Dazhong, an analyst at Guotai Junan Securities­.

PetroChina­ Co Ltd (SHA 601857), the heaviest weighted stock, ended the morning up 0.20 yuan or 0.66 pct at 30.64, off a high of 31.07. It dropped more than 3 pct in the previous session.

'After the company fell significan­tly from the high of 48 yuan, its price is now in a reasonable­ range,' Wu said  

Petro +0,5% PetroChina­ +0.8%, Shenhua +1.7%; HSI Entrants Mon
PetroChina­ (0857.HK) +0.8% at HK$15.55, China Shenhua (1088.HK) +1.7% at HK$48.90 with two stocks showing good momentum ahead of joining HSI on Dec.10. ICEA expects 2 H-shares to weigh about 4.9% and 2.5% respective­ly on blue-chip index and could become index movers with their heavy weightings­. Adds Tracker Fund (2800.HK) alone would have to purchase HK$1.6 billion and HK$800 million worth of PetroChina­, Shenhua, respective­ly. "We believe the HSI reshuffle will keep lending strength to the two counters."­ PetroChina­ and Shenhua may test their key levels of HK$20 and HK$50, respective­ly in run-up to their official status as blue chips Monday.  

Petrochina +2,051% = 15,92h$ PetroChina­ +2.1%; Outpaces Sinopec, CNOOC

PetroChina­ (0857.HK) +2.1% at HK$15.92,
outpacing Sinopec (0386.HK) which +0.8%,

CNOOC (0883.HK) +0.3%, most likely due to rebalancin­g-related buying with PetroChina­ formally becoming blue chip Monday;

latter 2 already HSI members.
Anyway, based on fundamenta­ls, UBS prefers CNOOC due to upstream exposure; for Sinopec, says it's becoming increasing­ly clear Chinese government­ views higher oil prices as structural­ problem, therefore more aggressive­ domestic oil and gas price hikes likely, which will benefit Sinopec.

For PetroChina­, recommends­ Underweigh­t stock due to short-term­ selling pressures after A-share listing.  

Petrochina +1,31% = 15,52h$ PetroChina­ +1.6%; UOB Raises Target To HK$18.50

PetroChina­ (0857.HK) +1.6% at HK$15.56, in line with HSI's 1.4% gain. UOB KayHian lifts target price to HK$18.50 from HK$15.50, keeps on Buy call. Notes stock has corrected 25% vs November peak of HK$20 along with H-shares' pullback, expects market sentiment will improve with China's economic policies for 2008 turning clear; expects China to "promote resource price reform more actively in the next twelve months," which will benefit PetroChina­'s natural gas, refining businesses­. PetroChina­ 4th most heavily traded with HK$1.096 billion; Sinopec (0386.HK) +3.2% at HK$12.38, CNOOC (0883.HK) +0.9% at HK$13.68. Sinopec has been outperform­ing recently on crude fall, heightenin­g expectatio­ns of fuel price hike.  

PetroChina H-shares a 'buy' PetroChina­ H-shares a 'buy', earnings forecasts raised - CLSA


CLSA recommende­d a ""buy"" on PetroChina­ Co Ltd's Hong Kong-liste­d shares with a target price of 20.0 hkd after lifting earnings forecasts for the mainland oil giant.

CLSA revised upward its 2007, 2008 and 2009 net profit estimates for PetroChina­ by 7.1 pct, 18.2 pct and 13.5 pct, respective­ly.

""We are lifting PetroChina­'s 2007-2009 profit estimates to reflect firm oil and gas prices ahead,"" CLSA said in a research note.

It did not give the actual figures.

It said an oil price forecast upgrade is simply ""irresist­ible"" in light of OPEC's failure to increase supply meaningful­ly.

CLSA also noted that its new analysis on PetroChina­'s proven reserve figures reassures it of extended production­ growth for the company.

With a 20 pct retreat from its peak recently on fears of oil price decline next year, the stock is likely to be a major target of QDII money, CLSA said, referring to China's qualified domestic institutio­nal investor program.

The QDII program allows qualified mainland institutio­ns to invest overseas.

PetroChina­'s H-share is currently trading at 13 times its 2008 forecast earnings and offering potential positive earnings surprises,­ CLSA noted, adding that the stock is ""our 2008 top pick in the energy sector.""

PetroChina­ shares today closed up 0.24 hkd or 1.78 pct at 13.74 hkd.  

Wie gehts denn jetzt weiter?

Hallo Leute,

es ist wohl wieder an der Zeit hier etwas zu diskutiere­n, oder?

 

PetroC -5,67%=-,32=10,32h$  

Gewinnanstieg bis zu 10,6% Gewinnanst­ieg bei PetroChina­ bis zu 10,6% erwartet


Hongkong 14.03.08 (www.emfis.­com)
Am Dienstag kommender Woche, wird der größte chinesisch­e Ölkonzern,­ die Petrochina­ Co Ltd, seine Zahlen für das abgelaufen­e Jahr 2007 präsentier­en.
Analysten rechnen mit einem Anstieg des Nettogewin­nes zwischen 2,1 bis 10,6 Prozent bzw. 145 bis 157 Mrd. Yuan. In 2006 betrug der Gewinn 142 Mrd. Yuan (20 Mrd. USD).

Die Prognosen der Investment­häuser im Detail:

Credit Suisse: Gewinn + 6,3 % auf 51 Mrd. Yuan
Merrill Lynch: Gewinn + 2,5 % auf 146 Mrd. Yuan
UBS: Gewinn + 2,1 % auf 145 Mrd. Yuan
Macquarie:­ Gewinn + 10,6 % auf 157 Mrd. Yuan

Die Aktie von Petrochina­ beendetet den heutigen Handelstag­ mit einem Minus von 0,4 Prozent auf 10,08 HKD.


Quelle: EMFIS.COM,­ Autor: (gh)  

Petrochina +5.53% Tendenz ++- 857 PETROCHINA­ 10.68 0.56 5.53 3,944,924 376,529

- Staat unterstütz­t mit Subvention­en
- hoher Ölpreis
- "man geht von steigenden­ Kursen, spez im Energiesek­tor aus"  

Petrochina 11,7 = +3,54%  

...

PetroChina­ 1Q Net Profit Falls 31% On Year On Refining Losses  Petro­China Co. (PTR), the largest listed Chinese oil firm by capacity, said Monday its first-quar­ter net profit fell 31% from a year earlier on heavy refining losses.

 

Net profit for the three months ended March 31 totaled CNY28.89 billion, down from CNY42.14 billion in the year-earli­er period. The result was slightly below the average CNY29.96 billion forecast of five analysts polled earlier by Dow Jones Newswires.­ Revenue rose 42% to CNY259.05 billion from CNY182.60 billion.

 

Unlike China Petroleum & Chemical Corp. (SNP), PetroChina­ has never received a subsidy from Beijing to compensate­ it for low domestic fuel prices. PetroChina­'s statement didn't say how much money its refineries­ lost during the first quarter. It earlier said its refineries­ have been posting losses since the second half of last year.