CNPC before-tax profits down 40% in Jan-May
China National Petroleum Corporation (CNPC), the country’s largest oil group, saw a tremendous slide of 40% from a year earlier in its before-tax profits for the first five months of the year, as surging oil price pushed up its special oil gain levy, sources quoted an unnamed senior executive with CNPC as saying.
The group, the controlling shareholder of PetroChina, China’s top oil producer, raked in before-tax profits of RMB 47.5 billion during the January-May period, compared with RMB 79.2 billion over the previous year, the sources said. And it put aside RMB 38.7 billion to cover the special oil gain levy, more than tripled from a year earlier.
CNPC produced a total of 57.8 million tons of crude oil and 27.78 billion steres of natural gas in the same period, up 1.1% and 19% respectively. It, meanwhile, refined 56.14 million tons of crude oil to help ease domestic refined oil products shortage after the snow crisis early this year and Wenchuan earthquake on May. 12.
The state-owned oil giant aims to produce 108.65 million tons of crude oil in 2008, 1.05 million tons higher than its overall 2007 output.
Tags: CNPC, crude-oil, Gas, oil-product, PetroChina, tax