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

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

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 . . .

Sign In or Subscribe To Get Full Access.

Try Us For Free

Unlock exclusive content tailored to the complexity of the Chinese market.

From regulatory updates and economic indicators to market trends and company spotlights, we've got you covered.

Grab Our Welcome Offer!