Big squeeze hurts PetroChina
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 [...]
