PetroChina profit dives 70% in 2015 on low oil prices

[BEIJING] PetroChina, China's biggest oil and gas producer, reported a 70 per cent slump in its full-year 2015 profit, with earnings upstream and in the marketing segment both taking a hit from lower prices.

Net profit declined to 35.52 billion yuan (S$7.47 billion) last year, from 107.17 billion yuan in 2014, the state-controlled company said on Wednesday in a filing with the Hong Kong bourse.

Last March, PetroChina reported a 17 per cent drop in net profit for 2014.

REUTERS