By: Franyi Sarmiento, Ph.D., Inspenet, August 30, 2022
The three Chinese oil companies, Sinopec, PetroChina and Cnooc, increased their net profits, boosted by rising energy prices, according to first half results.
Sinopec, the main refiner in Asia, announced this week a net profit of 43,530 million yuan (6,370 million euros), 10.4% more in a year. However, the company saw its sales of refined petroleum products fall by 9.8% for a year during this period, due to the Covid-19 pandemic and sanitary restrictions in China.
On the other hand, PetroChina, entity of the public oil giant CNPC, the net profit of this first semester is 82,390 million yuan (12,050 million euros), 55.3% more in one year. Last year in the same period, the company made 53 billion yuan in profit. A record half-year performance for China’s top crude oil producer.
Finally, China National Offshore Oil Corp (Cnooc), China’s largest offshore oil and gas producer, more than doubled its net profit in the first half. It amounted to 71.890 million yuan (10.500 million euros), compared to 33.300 million yuan the previous year.
These increases follow the trend of last year, when the three energy companies registered a strong increase in their profits, driven by the global economic recovery. PetroChina had nearly quintupled its net profit to 92.1 billion yuan (13 billion euros) from 19 billion yuan in 2020. Sinopec had announced that it had doubled its net profit in one year to 71.2 billion yuan (10 billion euros) in 2021, compared with 33.2 billion yuan a year earlier.
This material from the news.eseuro.com portal was edited for clarity, style and length.
Source : https://news.eseuro.com/coronavirus/850164.html
Photo : humphery / Shutterstock.com
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