China oil giants look slick on robust H1

Rebound in demand: A file picture showing CNPC’s Dalian Petrochemical Corp refinery. The country’s largest oil and gas company reported a net profit of US$8.18bil (RM34bil) during the first six months of this year. — Reuters

BEIJING: China’s top three major oil and gas companies saw both their revenue and profit increase during the first half (H1) of this year on the back of an economic rebound from the Covid-19 pandemic and the rapid recovery of the petrochemical product market in the country.

China National Petroleum Corp (CNPC), the country’s largest oil and gas company, reported a net profit of 53.04 billion yuan (US$8.18bil or RM34bil) during the first six months of this year, compared with a net loss of 29.98 billion yuan (RM19bil) during the same period last year. First-half revenue was up 29% at 1.197 trillion yuan (RM770bil), it said.