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China oil giants struggle amid Covid-19 impacts

1 April 2021 22:01 GMT
Updated
1 April 2021 22:01 GMT
in
Singapore
Sinopec and PetroChina each saw revenue and profit tumble last year as the effect of the coronavirus pandemic impacted full-year financial results.
The spread of Covid-19 hammered global oil demand due to wide-scale lockdowns and reductions in air and road transport, leading to a steep decline in commodity prices that plunged many fossil fuel companies deep into the red.
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Sinopec posted a net profit of 33.1 billion yuan ($5.04 billion) for the full year 2020, a 42.9% drop from 2019 as revenues tumbled 28.8% year-on-year to 2.11 trillion yuan.

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China oil giant tops spending even as nation's demand crests

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