PetroChina’s net profit at record low in 2016
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, state-owned energy company PetroChina announced that it posted a record low profit in 2016 at CNY7.86 billion ($1.13 billion), down 78% from a year earlier.
The significant fall in the company’s net profit was attributed to the decline in oil prices and the oversupply of refined products due to a slowdown in demand in China in parallel with a moderate growth in the country’s economy.
The significant fall in the company’s net profit was attributed to the decline in oil prices and the oversupply of refined products due to a slowdown in demand in China in parallel with a moderate growth in the country’s economy.
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