PetroChina 1H13 Profit Climbs

In the first half of 2013, the PetroChina’s turnover was RMB1,101.096 billion, representing an increase of 5.2% as compared with the first half of last year.

Under the International Financial Reporting Standards (“IFRS”), net profit attributable to the owners of the Company was RMB65.522 billion, which increased by 5.6% as compared with the previous year, with basic earnings per share of RMB0.36. As per resolution of the Board of Directors, the Company will distribute 45% of its interim net profit under the IFRS as an interim dividend, or RMB0.1611 per share (inclusive of applicable taxes).

Natural Gas and Pipeline

The Company coordinated and balanced the utilization of domestic and overseas resources and enhanced the domestic production and supply potential for its natural gas business. The Company also improved the gas storage and LNG peak shaving capabilities, optimized the operation of pipeline network, strengthened the management of the demand side, and pushed forward the development of new pipelines and high-profitability market in a well-organized manner, thus ensuring sales profitability.

The construction of key oil and gas pipelines progressed steadily. The Second West-East Pipeline commenced gas supply to Guangxi and Hong Kong. The Horgos-Urumqi section of the west section of the Third West-East Pipeline was put into operation. The Nanbu-Tongliang section of the Zhongwei-Guiyang Pipeline was jointed up. Construction of the Shandong Pipeline Network, the Jinzhou-Zhengzhou refined products pipeline and the Tangshan LNG terminal proceeded as planned. Meanwhile, the Company broke new ground with a financing mode through joint ventures and business cooperation. It contributed certain pipeline assets and operations to the joint venture and introduced in such capital as insurance and industrial funds, with an aim of achieving light-asset operations and sustainable development of its oil and gas businesses.

In the first half of 2013, the Company sold 47.877 billion cubic meters of natural gas, representing an increase of 9.8% as compared with the same period in 2012. By strengthening international cooperation, introducing in strategic investors, setting up joint ventures for gains as well as effectively balancing the domestic gas and imported gas, controlling the pipeline transmission costs in a scientific manner and striving to increase the sales volume and profitability, the Company achieved an operating profit of RMB21.882 billion, representing an increase of RMB20.245 billion as compared with the same period in 2012. During the reporting period, sales of imported gas recorded a loss of RMB23.52 billion.

1 Chinese yuan = 0.163367 U.S. dollars

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LNG World News Staff, August 22, 2013