China's state oil giants suffer massive losses in Q1 amid weaker demand, slumping oil prices

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China's three state oil giants suffered massive losses in the first quarter of the year weighed by weaker oil demand amid the coronavirus pandemic and collapsing oil prices.

PetroChina Co. posted a loss of 16.23 billion yuan in the first three months of the year, compared with a net profit of 10.25 billion yuan a year earlier, shows a filing to the Shanghai Stock Exchange on Wednesday.

Its revenue declined 14 per cent year-on-year to 509.10 billion yuan, it said, adding that the coronavirus pandemic . . .

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