(MENAFN) China's energy firm PetroChina said it posted a slump in its net profit of 17 percent last year as international crude oil prices fell in the second half, Arab News reported.
The company's net profit was USD17.25 billion last year, down from USD21.12 billion in 2013, the Chinese firm said in a statement to the Hong Kong stock exchange.
"In 2014, the demand in the oil and gas market grew slowly due to the slowdown in global economic recovery and the intensified downward pressure on the domestic economy," it said.
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