Print Edition - 2017-11-01  |  Money Digest

China oil majors’ profits up on firm demand


Nov 1, 2017-

China’s two big oil giants PetroChina and Sinopec have reported strong third-quarter net profits on robust domestic demand. State-owned PetroChina said late Monday that net profit for July-September was 4.69 billion yuan ($706.4 million), jumping nearly fourfold from the same period last year. “International oil prices fluctuated within a wide range and the average price increased significantly compared with the same period last year,” PetroChina said in a statement. Sinopec, the world’s biggest oil refiner and the listed unit of state-owned China Petrochemical Corp, said net profit climbed 12.77 percent year-on-year in the quarter to 11.49 billion yuan.

Published: 01-11-2017 10:46

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