BEIJING -- PetroChina Company Limited, a major oil and gas producer and distributor, is expected to see its profits increase in the first half of 2021, the company said in a report filed with the Shanghai Stock Exchange.

PetroChina estimates that its net profits attributable to equity holders for the first half of 2021 will increase by an amount between 75 billion yuan (about $11.59 billion) and 90 billion yuan, rebounding from its losses registered in the same period a year ago.

The company has attributed the growth in profits to the increased demand brought by the global economic recovery, the rising average price of international crude oil and the steady growth momentum of China's economy.

PetroChina has firmly seized the favorable opportunities provided by the macroeconomic recovery, the growth in demand for oil and gas products, and the rebound in crude oil prices, and continued to optimize production and operation, read the report.

In addition, Kunlun Energy Co Ltd, a subsidiary of the company, has completed the transfer and delivery of equity interests in pipeline assets, which also contributed to performance growth, the report added.