Why petrochina Is Trending Today?

PetroChina, China's largest oil and gas producer, reports a 23% increase in first-half profit. The company's net profit reached 177.8 billion yuan ($25.8 billion) in the first six months of the year, driven by higher oil prices and production. PetroChina also announced plans to invest more in clean energy, aiming to reduce its carbon intensity by 30% by 2025 compared to 2020 levels.

PetroChina, a major Chinese oil and gas company, has proposed a $5.6 billion acquisition of several gas companies. The company is also expanding its gas storage capacity amidst a decline in oil profits. PetroChina's profit has fallen due to a dip in oil prices and reduced fuel demand, with the first half of 2021 seeing a significant decrease compared to the record highs of the previous year. The company has agreed to buy natural gas facilities from its controlling shareholder for approximately $5.6 billion.