Laban Yu, head of Asian energy research with Jefferies in Hong Kong, has tried to fill in the blanks, writes Simon Rabinovitch.
He alleges that PetroChina’s books reveal a $10bn revenue shortfall, an estimate derived from a comparison of production disclosures with average price and volume figures.
Whether his calculations are right, they do point to discrepancies; for example, PetroChina’s production revenues declined last year despite increasing volumes, flat oil prices and higher gas prices – three factors that should have guaranteed a rise in revenues.
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