PetroChina warns of 'severe' market

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By Eoin O'Cinneide

 25 August 2011 14:25 GMT

“Uncertainty and instability” in global markets “may become more severe” in the second half of the year, PetroChina has warned.

The Chinese oil and gas giant saw soaring costs devour much higher revenues in the first half to post a similar profit to a year ago.

PetroChina said it piled on revenues in the six months to the end of June despite “a complex macro-economic environment” which saw volatility in oil prices and poor demand for petrochemical products.

The second half could prove even more challenging with the company warning: “The uncertainty and instability of the global economic recovery may become more severe, while the global financial markets and crude prices may see…

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