China’s Gas Business Forecast to Post First Net Loss

Leading gas developer PetroChina Co. Ltd. is set to post a net loss for its natural gas business for the first time when its next quarterly results are released, Mirae Asset Securities said in a note to clients on Tuesday.

“We estimate that 2Q profit has declined about 38 percent sequentially from 1Q as PetroChina struggled with lower oil prices, amid losses in refining and petrochemicals,” said Gordon Kwan, Head of Energy Research at Mirae in Hong Kong. (Interfax, Edited by Topco)