PetroChina reports 23 percent drop in profits amid concern on LNG and pipeline imports
PetroChina, the Hong Kong-listed arm of China National Petroleum Corp. (CNPC), reported a drop of just over 23 percent in nine-month net profits to 37.25 billion yuan ($5.28 billion) due to a lower oil price and intensified competition in refining as it also faced revenue problems with LNG and pipeline gas imports.
US outlines shale gas and tight gas policies in China as LNG and pipeline imports increase
A US report said natural gas demand in China has continued to rise even as pipeline gas and LNG imports have increased and as the government attempts to boost domestic output from shale gas projects run by two Chinese majors.
China major CNPC boosts pipeline imports from Central Asia and Russia to complement LNG
China National Petroleum Corp, the country's largest oil and gas company, said it had increased efforts to import more pipeline natural gas from Central Asian countries and Russia and to connect the supplies to Chinese customers to complement LNG imports.
