HONG KONG, April 25 PetroChina,
China's dominant oil and gas producer, reported an eight percent
fall in first-quarter profit, weighed down by lower realised
crude prices and further losses at its natural gas import
Net profit reached 36.02 billion yuan ($5.8 billion)in the
first three months, versus 39.15 billion yuan a year earlier,
under international accounting standards, the Beijing-based
company said on Thursday.
PetroChina has been importing natural
gas at crude-linked prices and selling it at home at a loss
because of government price controls aimed at taming inflation.
Losses have been expanding due to increases in import volumes.
PetroChina and Sinopec Corp, Asia's largest
refiner, have suffered losses at their refining segments as they
could not fully pass on higher crude costs to consumers
because of government controls on oil product prices.