ANL 12.50 Decreased By ▼ -0.12 (-0.95%)
ASC 14.79 Increased By ▲ 0.14 (0.96%)
ASL 15.28 Decreased By ▼ -0.32 (-2.05%)
AVN 106.20 Increased By ▲ 1.95 (1.87%)
BOP 8.40 Decreased By ▼ -0.02 (-0.24%)
CNERGY 6.18 Decreased By ▼ -0.29 (-4.48%)
FFL 9.07 Decreased By ▼ -0.10 (-1.09%)
FNEL 8.50 Decreased By ▼ -0.45 (-5.03%)
GGGL 13.09 Decreased By ▼ -0.31 (-2.31%)
GGL 20.20 Decreased By ▼ -0.68 (-3.26%)
GTECH 9.35 Decreased By ▼ -0.35 (-3.61%)
HUMNL 6.77 Increased By ▲ 0.17 (2.58%)
KEL 3.10 Decreased By ▼ -0.06 (-1.9%)
KOSM 4.11 Decreased By ▼ -0.23 (-5.3%)
MLCF 33.35 Decreased By ▼ -0.30 (-0.89%)
PACE 4.15 Decreased By ▼ -0.05 (-1.19%)
PIBTL 7.17 Decreased By ▼ -0.07 (-0.97%)
PRL 14.09 Decreased By ▼ -0.25 (-1.74%)
PTC 8.58 Decreased By ▼ -0.10 (-1.15%)
SILK 1.29 Decreased By ▼ -0.05 (-3.73%)
SNGP 33.50 Decreased By ▼ -0.30 (-0.89%)
TELE 17.48 Decreased By ▼ -0.40 (-2.24%)
TPL 12.75 Decreased By ▼ -0.75 (-5.56%)
TPLP 27.60 Decreased By ▼ -0.42 (-1.5%)
TREET 38.87 Decreased By ▼ -0.82 (-2.07%)
TRG 80.75 Decreased By ▼ -2.55 (-3.06%)
UNITY 27.32 Decreased By ▼ -0.53 (-1.9%)
WAVES 14.94 Decreased By ▼ -0.11 (-0.73%)
WTL 2.15 Decreased By ▼ -0.07 (-3.15%)
YOUW 7.90 Decreased By ▼ -0.19 (-2.35%)
BR100 4,585 Decreased By -11.3 (-0.25%)
BR30 17,412 Decreased By -369.7 (-2.08%)
KSE100 44,924 Decreased By -94.4 (-0.21%)
KSE30 17,727 Decreased By -21 (-0.12%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,105
824hr
Pakistan Cases
1,374,800
7,19524hr
Sindh
526,899
Punjab
464,431
Balochistan
33,941
Islamabad
118,292
KPK
185,340
Business & Finance

PetroChina expects its carbon emissions to peak around 2025

  • Spending on greener products including wind, solar, geothermal and hydrogen power will expand "significantly year on year," Dai said, without giving detail.
  • He said the next five-to-10 years would be "the window for energy transitions" and the company was working on precise timelines.
25 Mar, 2021

SINGAPORE: PetroChina, Asia's largest oil and gas producer, expects its carbon emissions to peak by around 2025, as it aims to lift output of lower-carbon natural gas to 55% of its total production by then from 47% now.

By 2035, the top Chinese energy company aims to supply more zero-carbon products than the fossil fuels it consumes, putting it on course to reach its carbon-neutral target by 2050, Chairman Dai Houliang told a virtual earnings call.

Spending on greener products including wind, solar, geothermal and hydrogen power will expand "significantly year on year," Dai said, without giving detail.

He said the next five-to-10 years would be "the window for energy transitions" and the company was working on precise timelines.

In the near term, the company will focus on natural gas to cut emissions as China turns increasingly to the fuel to replace coal, an approach shared by domestic peers Sinopec Corp and CNOOC Ltd.

PetroChina aims to produce between 150 billion and 160 billion cubic metres of natural gas in 2025, which would be 21%-29% higher than last year.

PetroChina earlier reported a 58% fall in net income last year to 19.01 billion yuan ($2.91 billion), the lowest in four years, following falls in oil and gas prices linked to COVID-19.

Its crude oil output gained 1.4% last year to about 2.53 million barrels per day, while its gas production rose 8% to 4,221 billion cubic feet.

PetroChina, China's second-largest refiner, recorded an 11% fall in sales of transportation fuels last year as it faced fierce competition from private refiners in an over-supplied domestic fuel market.

But lower oil-linked import costs enabled the company to narrow losses incurred at its natural gas import business to 14.16 billion yuan, 16.55 billion yuan less than in 2019.

Its domestic natural gas business expanded further, especially in unlocking shale gas reserves in the southwestern Sichuan basin, as PetroChina overtook domestic rival Sinopec Corp in unconventional fuel production.

Comments

Comments are closed.