PetroChina reported strong net income and revenue for the first half of 2025, surpassing expectations with growth in oil and gas output and acceleration in new energy ventures.
The company proposed purchasing three natural gas storage facilities from CNPC for approximately $5.6 billion to enhance its natural gas storage capacity.
PetroChina has approved and begun construction on a new northeast refinery complex in Dalian, a project with an estimated cost of $9.56 billion.
After a phased shutdown process that began in 2023, PetroChina closed the last crude unit of its large Dalian refinery by the end of June 2025. This decision, influenced by overcapacity, reduced domestic fuel demand, and local government pressure, follows several accidents at the site. A final investment decision on a potential new refinery complex is still pending.
Note by Alessandro Bazzoni.