PetroChina H1 profit rises 22% despite weaker fuel demand

PetroChina, China's largest oil and gas company, reported a 22% increase in first-half net profit to 103.94 billion yuan, driven by higher oil prices and stronger fuel sales. Revenue rose 5.3% to 1.5 trillion yuan, with domestic demand for refined oil products maintaining steady growth, particularly due to the recovery of aviation transport and seasonal travel.

The company processed 693 million barrels of crude oil during the first half, with total sales of gasoline, kerosene, and diesel increasing by 2.1%. PetroChina expects global economic growth to remain complex in the second half, with international crude oil prices fluctuating significantly due to geopolitical risk and shifting supply-demand dynamics.

The company maintained its full-year crude oil and natural gas production targets and capital expenditure budget.

Brief written by urgent.news from Business Recorder's own syndicated text. Machine-written — may contain errors; check the original before relying on it.