Take PetroChina, profiled in this recent Business Week article.
Yet it's now caught in a painful squeeze. It must pay around $100 per barrel in international oil markets for imports to offset its declining production at home.
At the same time, PetroChina is under government orders to subsidize domestic fuel prices for consumers. Gas and diesel "prices in China reflect $60 a barrel for oil, not $100 a barrel," says Hernan Ladeuix, head of oil and gas research for CLSA Asia- Pacific Markets in Singapore. (PetroChina executives declined to comment for this story.)
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