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PetroChina shifts to lower carbon fuel sources

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PetroChina is planning a strategy to have oil, gas and green energies to each account for a third of its portfolio within the next 15 years.
The Chinese company revealed that it was shifting towards a lower carbon future.
For Asia's largest oil and gas producer, natural gas currently accounts for about 47% of total output while oil covers the rest.
"Our capital spending will increase progressively on green energies," said chairman Dai Houliang.
PetroChina posted an interim profit of 53.04 billion yuan (€6.8 billion) thanks to rising oil and gas prices and a recovery in Chinese fuel demand from the coronavirus pandemic slump.
That compared to a net loss of 29.98 billion yuan (€3.9 billion) in the same period a year earlier. First-half revenue was up 29% at 1.197 trillion yuan (€0.16 billion).
Oil and gas output fell 1.7% on-year to 819.6 million barrels of oil equivalent, with crude oil down 6.8% but gas up 5.1%.
Refinery throughput rose 6.7% to about 3.35 million barrels per day and sales of petroleum, diesel and kerosene combined were up 4.9% at 80.34 million tonnes.
Its domestic gas sales climbed 17.6% to a record 96.25 billion cubic metres amid robust demand growth from industries and power plants.
The oil and gas firm sees China's gas demand to rise 7-9% annually between 2021 and 2025 and that of refined fuel growing at 1.2% per annum.