Sinopec, CNPC expect profit boost in first half on economic rebound By ZHENG XIN | China Daily | Updated: 2021-07-03 10:55 Share CLOSE Sinopec employees check gas storage facilities in Puyang, Henan province. [Photo by Tong Jiang/For China Daily]
China s two biggest energy companies, China National Petroleum Corp and China Petroleum and Chemical Corp, expect a large increase in their profits for the first half on the back of an economic rebound from the COVID-19 pandemic and the rapid recovery of the petrochemical products market in the country.
CNPC, the country s largest oil and gas company, estimated its net profit to reach 45 billion yuan ($6.9 billion) to 60 billion yuan during the first half, after it posted a net loss of around 30 billion yuan during the same period last year, the company said on Thursday.
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Oil giants step up expansion of non-fuel biz By ZHENG XIN | China Daily | Updated: 2021-07-02 09:35 Share
Experts: Self-produced commodities, better supply chain key to sales growth
Chinese oil giant China National Petroleum Corp, the country s largest oil and gas company, has been vigorously pursuing a transition in its operations by sharpening its focus on non-fuel retail business while boosting its overall revenue margins.
CNPC held a shopping festival for the first time among its uSmile stores in Chengdu, Sichuan province in June. During the two-day festival from June 17 to 18, the company reported a contract value of up to 650 million yuan ($101 million), a record high among previous commodity fairs.
CX Daily: New Pipeline Network Shakes Up China’s Natural Gas Dynamics
A large-scale LNG membrane tank in the northern city of Tianjin on June 7. Photo: VCG
Natural gas /
China’s recent love affair with natural gas is taking a new twist, following last year’s creation of a national pipeline network.
The shift has been shaking up the landscape in recent months among China’s three energy majors, China National Petroleum Corp. (CNPC), China Petrochemical Corp. (Sinopec) and China National Offshore Oil Corp. (CNOOC). Each is suddenly finding its position greatly altered following the creation of a modern national distribution network accessible to all.
Marianna Parraga
3 minute read
An oil tanker is seen in the sea outside the Puerto La Cruz oil refinery in Puerto La Cruz, Venezuela July 19, 2018. REUTERS/Alexandra Ulmer/File Photo
July 2 (Reuters) - Venezuela s oil exports inched higher in June, boosted by cargoes to Asia and expanded sales of upgraded crude, data from state-run oil firm PDVSA and tanker monitoring showed, as the nation rushed to deliver crude to China ahead of an import tax.
Traders last month raced to discharge in China record imports of Venezuelan crude masked as Malaysian bitumen blends ahead of a June 12 tax that raised import costs by at least 40% for several types of fuel. read more