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PetroChina reports 2012 net profit fell 13.3 percent

PetroChina on Thursday reported that its 2012 net profit fell 13.3 percent, despite increased production, as the oil giant was hit by a slowdown in the growth rate of the Chinese economy. China's largest listed oil company said its 2012 profit was 115.33 billion yuan ($18.54 billion), down from the 132.96 billion yuan it recorded in 2011. Revenue rose 9.6 percent to 2.2 trillion in 2012. PetroChina saw an increase of 4.5 percent in barrels of oil and natural gas equivalent output for 2012, compared with 2011. Its refineries experienced a rise of 2.8 percent in barrels of crude oil for the year.

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