'No hope' oil fields spur PetroChina to cut losses and output
Hong Kong
AS oil's collapse leaves some fields with no chance to turn a profit, China's biggest producer is ready to cut its losses.
PetroChina Co sees oil and gas output falling for the first time in 17 years as it shuts high-cost fields that have "no hope" of making profits at current prices, Wang Dongjin, the company's president, said on Wednesday in Hong Kong after the company reported the lowest net income since it began trading publicly.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
EU clears Nippon Steel's US$14.9 billion purchase of US Steel
Shell in talks to sell Malaysia fuel stations to Saudi Aramco: sources
Indonesia's PGN, Freeport sign gas supply deal for smelter
Maersk says Red Sea disruption will cut capacity by 15-20% in Q2
China’s Sinopec in talks for gas offtake, stake in Canada’s Cedar LNG
Coffee variety is priciest since 1970s in blow to instant brews