PetroChina Sees 22% Net Profit Surge Amid Higher Oil Prices

PetroChina, China's largest oil and gas company, reported a significant jump in first-half net profit. The company's net profit attributable to shareholders came in at 103.94 billion yuan ($14.65 billion), up 22% from the same period last year.

The increase was driven by higher oil prices and stronger fuel sales. PetroChina processed 693 million barrels of crude oil during the first half, a 3% rise from the previous year. Total sales of gasoline, kerosene, and diesel rose 2.1% to 81.38 million metric tons.

The company's revenue also saw a boost, rising 5.3% to 1.5 trillion yuan. Gasoline sales increased by 1.4%, while diesel sales rose by 0.8%. Aviation fuel sales surged 8.9% to 10.12 million tons.