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Article: China : PetroChina Q3 profit falls, eyes foreign ventures.(Financial report)
- Article from:
- TendersInfo
- Article date:
- October 29, 2009
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Byline: manish03
Weak third-quarter earnings at PetroChina (0857.HK) may bode ill for rival refiner Sinopec as a double whammy of regulated fuel prices at home and an uncertain outlook for crude oil could cut into margins.
Like Asian No.1 Sinopec Corp (0386.HK) (600028.SS) SNPc.N, which reports earnings late Thursday or early on Friday GMT, China's No.2 refiner PetroChina felt the impact after Beijing cut gasoline and diesel prices twice in the third quarter under its strictly controlled price regime.
At the same time, PetroChina and global peers such as Exxon Mobil (XOM.N) and Royal Dutch Shell (RDSa.L) have been hit by a sharp drop in oil ...