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PetroChina Company Ltd reports that it achieved a net profit of CNY 7.86 billion ($1.14 billion) in 2016 during a period of low oil prices. The figure was 78 percent lower than the CNY 35.7 billion recorded in 2015.

The oil and gas firm posted revenue from operations of CNY 1.62 trillion ($234.66 billion), which was a drop of 6.3 compared to the previous year.

The company realized free cash flow of CNY 84.13 billion ($12.21 billion), up CNY 40.56 billion on 2015.

PetroChina's downstream marketing business recorded a profit from operations of CNY 11.05 billion ($1.60 billion) in 2016, representing a profit turnaround of CNY 11.55 billion ($1.68 billion).

Commenting on its marketing operation, PetroChina said: "In 2016, the company proactively responded to unfavourable conditions, such as the slowing growth in demand for refined oil products and the lower market prices, by planning in tandem the domestic and international markets and by allocating oil product resources in a scientific manner to ensure that the whole business chain operated smoothly for return maximization."

"Faced with unfavourable factors such as declining growth in demand for refined oil in the domestic market and intense market competition, the segment aimed at maximizing the overall value of the company, and persistently improved the quality of its sales and trading operations so that there was a sustained improvement in profitability," PetroChina added.

As reported in January, PetroChina subsidiary PetroChina International (Singapore) Pte Ltd was listed 12th in the Maritime and Port Authority of Singapore's ranking of bunker suppliers by sales volume in 2016.

Incorporated in 2004, the company markets crude oil, refined oil products, natural gas and petrochemicals.

Back in 2009, the Singapore-based firm acquired Keppel's stake in Singapore Petroleum Company (SPC) and subsequently took over the business.

Last year, SPC was no longer listed as a bunker supplier in Singapore, having been ranked as the 11th-biggest supplier at the world's leading bunker port in 2015.