PetroChina Output, Profit Fall on Weak Economy

摘要

PetroChina said Friday that it is interested in bidding in Iraq's second postwar licensing round with a joint-venture partner, after parent China National Petroleum Corp. (CNPC) and BP won the only field awarded in the first round - the giant Rumaila field in southern Iraq (IOD Aug.25,p1). PetroChina, CNPC's listed subsidiary, unveiled the plan in announcing its first-half results, which showed net profit falling 7.2% to 50.5 billion yuan ($7.4 billion), hit by lower crude oil prices and sluggish domestic demand.