China’s state-owned oil companies reported record revenues in 2011 due to high global oil prices, highlighting their growing financial firepower as they purchase oil and gas assets around the world.
Cnooc and Sinopec reported this week that net profits last year were up 29 per cent and 2 per cent respectively, both hitting record highs. For PetroChina, a subsidiary of CNPC, net profit fell 5 per cent from a year earlier due to high refining losses.
China is the world’s biggest energy consumer and China’s state-controlled oil companies have spent more than $90bn acquiring oil and gas assets overseas over the past five years.
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