15 October 2007, Beijing - PetroChina Company Limited ("PetroChina" or the "Company", SEHK stock code 0857; NYSE symbol PTR) achieved stable growth in its key operational indicators during the third quarter of 2007. By realizing scheduled business plans formulated early this year and implementing operations in an organized manner, the Company is progressing smoothly towards its full-year target.
During the reporting period, PetroChina intensified its efforts and strengthened the organization and management of production. The Company's crude oil production proceeded smoothly, with total output reaching 212 million barrels. Natural gas continued its rapid growth with output of marketable natural gas achieving 378.1 billion cubic feet, achieving a safe and stable gas supply. For the period from January to September this year, the Company saw a relatively rapid growth in its oil and gas production as its total accumulated output amounted to 828 million barrels of oil equivalent, representing an increase of 34.2 million barrels, or 4.3 percent increase from the same period in 2006. Of this, accumulated crude oil output reached 632 million barrels, representing an increase of 0.9 percent from the same period last year, while accumulated output of marketable natural gas stood at 1176.1 billion cubic feet, representing an increase of 16.8 percent from the same period last year.
In the third quarter of 2007, PetroChina sustained a steady growth in the volume of crude oil refining as a result of its strenuous efforts in running refining facilities at full capacity whilst ensuring production safety, further optimizing resource allocation and production rationality. The Company processed 203 million barrels of crude oil, and produced 5.434 million tons of gasoline, 11.612 million tons of diesel and 0.542 million tons of kerosene. For the period from January to September this year, the Company processed a total of 611 million barrels of crude oil, representing an increase of 30.4 million barrels, or 5.2 percent increase from the same period in 2006. Concurrently, the Company enhanced its refined product mix at appropriate times and proactively implemented quality upgrades, as well as realising production optimization and technological reform in some subsidiaries. Additionally, PetroChina's capability to produce gasoline and diesel complying with the National Phase III and IV Motor Vehicle Emission Standards has been continuously developed.
The Company's operation and marketing network has been further developed in the third quarter of 2007. Sales quality and operational effectiveness have been continuously improved. By the end of September, PetroChina's service stations totaled 18,846, an increase of 912 stations, or 5.09 percent increase from the same period last year.
During the reporting period, the Company's chemicals business attained pre-set production targets with continuous increase in the output of key chemical products. The Company produced 587 thousand tons of ethylene, 899 thousand tons of synthetic resin as well as 403 thousand tons of synthetic fibre raw materials and polymer. For the period from January to September this year, the output of high value-added products including ethylene increased at a faster pace, with the accumulated production volume reaching 1.892 million tons of ethylene, 2.896 million tons of synthetic resin, and 1.104 million tons of synthetic fibre raw materials and polymer. This represented an increase of 24.2 percent, 28.5 percent, and 22 percent respectively from the same period last year.
PetroChina made further progress in major pipeline projects in the third quarter of 2007. Following the completion of the Lanzhou-Yinchuan Gas Pipeline, linking the West-East Gas Pipeline and Sebei-Xining-Lanzhou Gas Pipeline, PetroChina's four key natural gas regions – Tarim, Changqing, Qinghai and Southwest – have been successfully connected, creating potentials for improving sales in the highly-efficient markets. Simultaneously, preliminary work for the Lanzhou-Zhengzhou-Changsha refined oil pipeline progressed smoothly. Completion of the pipeline will help to alleviate the tight supply of refined oil in central and southern China, improving the transmission conditions of such products.
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Additional information on PetroChina is available at the Company's website: http://www.petrochina.com.cn
Issued by PetroChina Company Limited.
For further information, please contact:
Mr. Mao Zefeng, Assistant Secretary to the Board of Directors
Tel: (852) 2899 2010 Fax: (852) 2899 2390
Email: hko@petrochina.com.hk
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Tel: (852) 2894 6204 / 9277 7672 Email: helen.lam@hillandknowlton.com.hk