摘要
High crude prices and strong local demand boosted the profits of China's oil sector in the year's first half, but government-capped petrol prices, cooling economic growth and rising costs threaten future earnings. State-owned big-three oil companies - PetroChina, Sinopec Corp and CNOOC Ltd - posted net profit increases ranging from 11 percent to 48 percent for the first six months of this year.
High crude prices and strong local demand boosted the profits of China's oilsector in the year's first half, but government-capped petrol prices, cooling economic growth andrising costs threaten future earnings. State-owned big-three oil companies - PetroChina, SinopecCorp and CNOOC Ltd - posted net profit increases ranging from 11 percent to 48 percent for the firstsix months of this year. Crude prices hit record levels recently, which, if maintained, willproduce an even better second half. But some analysts expect a weaker second six months, aspressures pile up for the two companies with big refining operations. 'PetroChina and Sinopec areintegrated companies, and high oil prices could mean their upstream operations are better off, butthey may face pressure in their downstream operations,' said Bin Guan, analyst at Merrill Lynch. Thebiggest of the three, PetroChina, has delivered more than US$5 billion in first-half net profit -close to that produced by world No 4 Total, of France, and by US-based multinational ConocoPhillips.
