Sinopec and CNOOC, 2 of the giant oil companies in China, reported stronger-than-expected earnings results last week. Net profits for Sinopec soared +6.66% y/y to RMB 35.5B in 1H10. While the E&P sector jumped +300% to RMB 22.0B, it’s partly offset by slump in the refinery sector which plunged -71% to RMB 5.69B. Refiners in China have been under the threat of margin squeeze as the government controls fuel prices.
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Earnings in Chinese Oil Companies Beat Expectations. Refinery Margins Remain a Drag
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