PetroChina ethylene output at 1.89mt in 2005

23 Mar '06

3 min read

PetroChina Company Limited announced that it recorded a net profit of RMB133.36 billion for the year ended December 31, 2005, representing an increase of 28.4 percent from the previous year. This marks yet another record high in the Company's earnings since its initial public offering.

For the year ended December 31, 2005, the Company's turnover reached RMB552.23 billion, representing an increase of 39 percent from 2004. The basic and diluted earnings per share was RMB0.75, representing an increase of approximately RMB0.16 from 2004.

Mr Chen Geng, Chairman of PetroChina said, "2005 was filled with opportunities and challenges. Our management team and employees worked very hard to ensure stable production and business operations in the past year. Combined with enhanced management and a series of M&A initiatives, our efforts led to a strong growth in earnings, which was the highest since our listing, and laid a solid foundation for the Company's long-term development."

In 2005, the Company continued to place exploration a priority, increasing investments in both oil and gas exploration. The Company reached strategic milestones in exploring seven areas, including the Jidong tidal and shallow water areas in the Bohai Bay Basin, Xujiaweizi in the northern Songliao Basin, Changling in the southern Songliao Basin, Jiyuan in the Erdos Basin, Tazhong in the Tarim Basin, Chuanzhong in the Sichuan Basin, and the northwestern rim of the Junggar Basin.

In 2005, the Company's domestic crude oil output recorded the highest growth in recent years, and its natural gas output maintained rapid growth. Its overseas oil and gas output also grew rapidly. Last year, PetroChina saw its domestic and overseas oil and gas output reached an aggregate 1.01 billion barrels of oil equivalent, an increase of 5.1 percent from 2004.

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