PetroChina Profit Tops Analyst Estimates, Acquisitions Planned

PetroChina Co., the world’s most valuable company, posted profit that beat analysts’ estimates on record earnings from oil refining after the government raised fuel prices and China’s economic recovery spurred demand. Second quarter net income rose 26 percent to 31.5 billion yuan ($4.6 billion), derived by subtracting earnings for January to March from first half figures announced in Hong Kong yesterday. The Beijing based oil producer and refiner joins China Petroleum & Chemical Corp., known as Sinopec, in reporting higher profit. The gains contrast with earnings declines at Exxon Mobil Corp. and Royal Dutch Shell Plc after the global recession cut U.S. and European consumption. PetroChina, Sinopec and Cnooc Ltd., the nation’s biggest oil companies, this week pledged.....Complete Article

China Imports Record Oil, Iron Ore as Economy Expands

China bought record volumes of oil and iron ore in July as automakers, steel producers and builders expanded output to meet rising demand driven by the nation’s $586 billion stimulus spending. Oil imports jumped 18 percent to 19.6 million metric tons, and iron ore purchases rose 5 percent to 58.1 million tons from a month ago, the Beijing based customs said today on its Web site. The second largest energy user and biggest iron ore buyer spent a combined $13.8 billion on the commodities.....Complete Story