PetroChina Gains Top Sinopec as Crude Counters Refining Loss
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PetroChina Co.’s third-quarter profit growth outpaced gains by rival China Petroleum & Chemical Corp. as higher crude oil prices helped counter refining losses at Asia’s biggest company by market value.
Net income rose 7.8 percent from a year earlier to 37.4 billion yuan ($5.9 billion), PetroChina said yesterday. That surpassed the 33.3 billion-yuan mean estimate of six analysts surveyed by Bloomberg. Sinopec, as China Petroleum is known, said profit increased 3 percent to 20.2 billion yuan.