Fuel demand in China is expected to move higher in 2022 despite the recent rise in coronavirus cases, with the economy projected to grow at a reasonable pace, a senior PetroChina official said.
The comment came amid severe restrictions on mobility since early March in Chinese areas such as Shanghai, which closed industrial plants and hit demand for refined petroleum products.
For the whole of 2022, China’s economic growth will remain in a reasonable range, so demand for refined petroleum products is expected to remain higher than last year, said Wang Hua, PetroChina’s chief financial officer.
The company’s profit in the first quarter from gas imports stood at 3.47 billion yuan ($ 519.44 million), but expects a significant increase in import costs in the coming quarters.
Source: Capital
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