PetroChina's ethylene production reaches record level in H1
26 Aug '05
6 min read
During the first half of 2005, the Company's refining and marketing segment recorded an operating loss of RMB5.95 billion as the increase in ex-refinery price for its refined products was far less than that of the crude oil price. However, through strengthening its business management the Company improved the segment's key technical and cost indicators, compared to the same period of 2004.
Chemicals and Marketing In the first half of 2005, the Company's chemicals and marketing business achieved earnings growth as it responded to market changes by increasing the output of high-value-added products. The segment recorded an operating profit of RMB5.756 billion, which was RMB3.803 billion higher than that of a year ago. The output and the profitability of its major chemicals, such as ethylene, both reached their half year record level.
During the first six months of 2005, the Company produced 941 thousand tons of ethylene, 142 thousand tons of synthetic rubber, 1.311 million tons of synthetic resin and 1.957 million tons of urea, representing an increase of 2.0%, 6.8%, 1.0% and 3.0%, respectively, from the same period of 2004.
PetroChina Company Limited (PetroChina) was established as a joint stock company with limited liabilities under the Company Law of the People's Republic of China (the PRC) on November 5, 1999 as part of the restructuring of China National Petroleum Corporation (CNPC). In the restructuring, CNPC injected into PetroChina most of the assets and liabilities of CNPC relating to its exploration and production, refining and marketing, chemicals and natural gas businesses.
marketing@alchempro.com
