SINGAPORE, March 30 Reuters PetroChina, said on Thursday that it expects Chinese refined fuel demand to rise 3 this year from preCOVID levels in 2019 and that of natural gas to be up 5.5 from last year, after reporting a record net profit for 2022.

The top Asian oil and gas producer made the remarks on demand recovery during an earnings call on Thursday, after reporting a surge of 62.1 in net profit on Wednesday as stronger energy prices more than offset weak demand for fuel and chemicals.

PetroChina39;s net profit amounted to 149.38 billion yuan 21.69 billion last year, while revenue rose 24 to 3,239 billion yuan, the firm said in a filing to the Hong Kong Stock Exchange.

The state energy giant produced 2.1 more crude oil last year at 906.2 million barrels 2.5 million barrels per day, and natural gas output rose 5.8 to 4,675 billion cubic feet bcf.

Crude oil production outside China grew 3.3 to 139 million barrels, while the company made new discoveries in Chad and Niger and extended production in Kazakhstan.

Refinery crude throughput, however, dipped 1 last year to 1,213 million barrels, or 3.32 million barrels per day, as Chinese consumption of gasoline and aviation fuel took a hard hit from Beijing39;s COVID19 control measures.

PetroChina recorded a 6.5 drop in domestic sales of gasoline, diesel and kerosene combined.

For 2023, the global economy is expected to continue to recover but at a slower pace and there are still many unstable and uncertain factors,…