Investing.com – PetroChina (HK:), the largest oil and gas producer in Asia and the second-largest oil refiner in China, saw its stock in Hong Kong rise 1.5% on Thursday, buoyed by a pair of crude supply agreements for 2019.
Shares in the Chinese oil major hit HK$6.06 by 2:05 AM ET (6:05 GMT).
On Wednesday, the company signed crude supply deals with Saudi Aramco and Kuwait Petroleum Corp. Quoting a person with knowledge of the terms of the deals, Reuters reported that supply levels in 2019 remain level from 2018. Actual terms were not disclosed.
On Oct. 30, PetroChina reported net profit of CNY21.05 billion ($3.02 billion) for the third quarter of the year, up 350% from a year earlier. The company’s net income for the first nine months of 2018 jumped 177% to CNY48.12 billion.
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