Low crude price pokes PetroChina profit

Low crude price pokes PetroChina profit

Shanghai: PetroChina, the world’s second-biggest energy company by market value, says its 2008 net profit fell 22% from a year earlier as lower prices and weakening demand offset improvements in its refining sector.

PetroChina, a unit of China’s China National Petroleum Corp., said on Wednesday that its full year net profit was 113.8 billion yuan ($16.7 billion). That compared with 146.8 billion yuan in 2007.

The decline was slightly larger than analysts’ forecasts.

PetroChina said its revenues rose 28% over a year earlier to 1.07 trillion yuan ($156.7 billion). Revenues in 2007 were 836.4 billion.