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China’s oil giants see 30% in revenue growth

China’s oil giants see 30% in revenue growth

BEIJING: Total revenue for China’s Sinopec (00386.HK) in the first half of the year reached 1.17 trillion yuan (US$176.4 billion), up 32.6% compared to last year’s figures, the 21st Century Business Herald reported, citing official data released on Sunday evening. Net profit for the oil giant hit 27.9 billion yuan, increasing 40.1% over the same period. At this point, all three of China’s major state-owned oil enterprises have released their mid-year performance reports.

Both CNOOC and PetroChina have outperformed the previous year with more than 30% growth in revenue. As for net profit, CNOOC saw a dramatic turnaround from a 7.74 billion yuan loss to a 16.25 billion yuan gain. PetroChina’s profit increased as much as 23 times to 12.67 billion yuan due to its upstream oil exploration and production sectors. Lin Boqiang, Dean of the China Energy Policy Research Institute at Xiamen University, said the performance is mainly due to surging oil prices. Cost reductions and business adjustments also made important contributions, he added.