Related Articles
Forward article link
Share PDF with colleagues

China's oil companies see profits and output rise on price reforms

China's economy might have wobbled during the first half of the year, but the country's big three national oil companies have thrived, seeing their profits and output rise on the back of domestic fuel price reforms, as well as a series of acquisitions abroad

Sinopec, China's largest crude refiner, was the biggest winner of the fuel price reforms. In March this year, China's powerful National Development and Reform Commission (NDRC) changed the way refined oil product prices in China are set, shortening the period between price adjustments from 22 working days to 10. This allowed Sinopec and other refiners to more quickly pass on the cost of higher international crude prices. Sinopec credited the change for lifting its refining business out of the red and back into profit. The company's refining unit recorded a small 213 million yuan ($35m) profit in the first half of the year, a significant improvement on the 18.5 billion yuan loss seen in the

Also in this section
Nigeria's election hangs over energy sector
19 April 2018
Africa's biggest economy is growing again. But next year's vote is stalling reform and investment in its crucial energy sector
Syria: ruthless business as usual
18 April 2018
The joint US-UK-French strikes on chemicals targets in Syria won’t affect the war—but they could damage Trump's image in the region
Elections a new rupture point in Venezuela crisis
16 April 2018
A Maduro loss in May's election could be a turning point, but recovery will be lengthy