Analysts expect that PetroChina's first-half net profit may fell by at least a third as losses in its refining business eroded gains from surging crude oil prices.

Qiu Xiaofeng, a petroleum analyst at China Merchants Securities in Shanghai, estimates:

PetroChina will report 48.5 billion yuan ($7 billion) in net profit for the first half, down about 40 percent from 81.8 billion yuan in January-June 2007.

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