PetroChina's ethylene production scale improves in 2006
19 Jan '07
3 min read
PetroChina Company Limited (PetroChina) announced that its business operations advanced ahead actively in 2006 leveraging on the steady development of China's economy and the continuous growth in demand for oil and gas domestically. Whilst oil and gas exploration reported remarkable progress and oil and gas output recorded new high levels, the Company's refining and chemical businesses, sales and marketing of oil and natural gas as well as international trade also moved on at a fast pace, with all its key operational indicators meeting the targets well ahead of schedule.
In 2006, the Company's oil and gas development laid a solid foundation for growth in production by implementing a series of comprehensive measures to enhance the recovery rate of mature oilfields that effectively controlled the decline in output, and accelerating the construction of facilities at new oilfields to introduce new production capacity in a timely manner.
In 2006, the Company's refining and chemical segment responded proactively to the growing demand in market by optimizing its resources allocation, production and business operations, running its refining facilities at high capacity with smooth operations. The annual utilization rate of the refining capacity exceeded 97 percent. During the year, PetroChina processed 785 million barrels of crude oil, an increase of 32.7 million barrels, or 4.3 percent, from the same period of last year.
Commercial production of chemical products continued to grow, with the output of ethylene and synthetic resin reaching 2.068 million tons and 3.06 million tons, representing an increase of 9.5 percent and 11 percent respectively over the same period of last year. The Company further improved its key technical and economic indicators, maintaining its leading position in refining loss rate and yield of chemical ethylene in the industry domestically.