Expects H2 fuel demand up 1.6 yy, gas demand up 5.5 yy
PetroChina H1 profit hits record high
Crude oil throughput down 1.4, fuel sales down 11.1
H1 capital expenditure up 25 on exploration expansion

SINGAPORE, Aug 25 Reuters PetroChina expects China39;s apparent refined oil products demand to grow 1.6 in the second half of 2022 from a year ago, following an economic recovery as Beijing vowed more stimulus, a senior company executive said at a conference call on Thursday.

China39;s fuel demand was dented by monthslong lockdowns across cities in the second quarter, forcing refiners to cut operations.

China39;s apparent fuel demand is expected to reach 180 million tonnes in the second half of the year, with a fast recovery of jet fuel consumption, said Huang Yongzhang, President of PetroChina.

The firm also forecast China39;s natural gas consumption to rise 5.5 in JulyDecember from a year ago, driving total gas demand for 2022 to 380390 billion cubic metres.

PetroChina39;s refinery throughput dipped 1.4 to 597.5 million barrels in the first half of 2022, while sales of gasoline, diesel and kerosene combined were down 11.1 to 71.43 million tonnes.

However, the firm notched up a record firsthalf profit, thanks to an increase in its oil and gas output and higher energy prices, as Western sanctions on Russia intensified tight supply worries.

Interim profit was 82.39 billion yuan 12 billion, up 55 from a year ago, while revenue grew 35 to 1.614 trillion yuan,…