Chairman Dai Houliang stated the Strait of Hormuz accounts for only 10% of company requirements for oil and gas, while rival Sinopec depends on the Middle East for roughly 50% of its oil. This lower exposure allows PetroChina to purchase discounted oil from Saudi Aramco and Iraq's SOMO, the latter of which offered discounts exceeding $30 per barrel for oil loaded within the Gulf. The company also maintains half-stakes in refineries in Singapore and Lavera, France, which are reporting high margins.
Tuesday, October 20, 2026
Story
PetroChina Trading Arm Forecasts Record $3B Profit From Iran War
Earnings5 days ago
The trading division of China's largest oil company is seeing a surge in earnings as it capitalizes on energy market volatility caused by geopolitical conflict. PetroChina International is on track for more than 20 billion yuan ($3 billion) in gross profit for 2026, with its crude desk earning more than double its total 2025 profit by early October. This windfall is driven by the war in Iran, which has shifted global shipping and pricing patterns.
Looking for more context or analysis?
Tilt chat provides reliable, tailored insights, alerts, and automations.