BEIJING (Reuters) – PetroChina, Asia’s largest oil and gas producer, plans to boost its capital expenditure to a near record 300 billion yuan (£34.16 billion) in 2019, up 17 percent from last year, a company filing to the Hong Kong Stock Exchange showed.
The surge in spending came as PetroChina pledged to ramp up oil and gas production and reserves to answer Beijing’s call for greater energy security.
PetroChina’s fourth-quarter net earnings, though, fell 18 percent from the same period the previous year to 4.46 billion yuan, making it the worst quarterly performance since the third quarter of 2016, Reuters calculations showed.
Source: Reuters
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