PetroChina reports a lower growth in nets

PetroChina Co<601857><857>, the world's biggest company by market value, on Thursday posted a smaller-than-estimated growth in 2007 net profit as rising drilling costs and losses at its refineries eroded earnings from record crude oil prices.

In its annual report for FY2007, the company said its net profit rose 2.4% to RMB 145.63 billion or RMB 0.75 per share, based on international accounting standards. And sales stood at RMB 835.04 billion, up 21% from a year earlier.

In the period, it produced 824 million barrels of crude oil, up 4.9% year-on-year. Meanwhile, it sold 85.74 million tons of refined oil in the whole year. Oil exploration and production were still its pivotal earnings source, according to the statement.

To reduce costs, the company has submitted a proposal to authorities, requesting an adjustment in refined oil prices and a cut in oil imports tax, company president Jiang Jiemin told reporters in Hong Kong.