China National Petroleum Corporation (referred to as: PetroChina) held a press conference in Hong Kong on August 31 to announce its interim results. During the period, PetroChina made a profit of 85.272 billion yuan (RMB, the same below), a year-on-year increase of 4.47%. PetroChina predicts that the consumption of refined oil products will maintain a low growth rate in the next few years.
According to the financial report, PetroChina's operating income in the first half of the year was 1.48 trillion yuan, a year-on-year decrease of 8.35%. The management of PetroChina stated that this was mainly affected by a combination of factors such as the decline in sales prices of most of the group's oil and gas products.
Huang Yongzhang, President of PetroChina, said that since the beginning of this year, there have been many new situations and changes in the global macro environment, but the fundamentals of China's long-term economic development will not change. The country has recently issued a number of policies to stabilize the economy. With the implementation of relevant supporting measures, he predicts that China's economic growth will remain at a reasonable level in the second half of the year, and it will also promote oil demand.
Huang Yongzhang said that as society returns to normal, the number of flights rebounds, and industrial and agricultural activities remain stable, demand growth will be driven. He predicted that the apparent consumption of refined oil in the second half of this year will increase by about 10% year-on-year, and the consumption of refined oil will maintain a low growth rate in the next few years.
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