SINGAPORE/BEIJING - PetroChina on Thursday reported its biggest quarterly profit in seven years, citing rising oil and gas prices and a recovery in Chinese fuel demand from last year's deep coronavirus slump.

Asia's biggest oil and gas producer swung to a 27.7 billion yuan ($4.28 billion) first-quarter net profit, having posted a loss in the same period last year, and announced that it is setting up a new investment vehicle with a focus on strategic assets and low-carbon projects.