PetroChina reports net profit after period of losses

PetroChina Company Limited, a major oil and gas producer and distributor, reported a net profit of 53.04 billion yuan ($8.18 billion) on Thursday, compared to a net loss of 29.98 billion yuan during the same period last year.

The company attributed the growth in profits to the rebound in demand brought by the global economic recovery, the rising average price of international crude oil and the steady growth of China's economy.

The Oil and gas industrial chain has operated steadily with operation quality and efficiency significantly improved, helping the company achieve the best interim performance in the past seven years, it said.

The company's first-half revenue was up 29 percent at 1.197 trillion yuan, as it has focused on optimizing production and operation, and continued to enhance quality and profitability.

Domestic oil and gas equivalent output was 735 million barrels, up 3.5 percent year-on-year. Marketable natural gas output was 2.16 trillion cubic feet, up 6.7 percent year-on-year.

PetroChina said the company's development of new energy and new materials has also accelerated, with the green and low-carbon transformation achieving positive progress.

Its domestic gas sales climbed 17.6 percent to a record 96.25 billion cubic meters amid robust demand growth from industries and power plants.