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Petro皇冠体育app earnings rise 30%

By Wan Zhihong (皇冠体育app Daily)
Updated: 2008-10-30 09:55

The gap between high crude prices on the international market and the relatively low prices of refined oil products domestically has put the their refining business in the red.

Related readings:  Petro皇冠体育app may buy overseas  Petro皇冠体育app to increase investment in oil, gas  Petro皇冠体育app H1 net profit down 34.5%  Petro皇冠体育app denies share offer rumors

From January to June, refineries under Petro皇冠体育app and Sinopec incurred 5.71 billion yuan of losses, 47.9 percent more than a year earlier, said 皇冠体育app Petroleum and Chemical Industry Association.

However, as global oil prices are now below $70 per barrel, analysts said that domestic refineries have started to see some profits again.

They said that 皇冠体育app should reduce its refined oil products prices in line with the price decrease globally.

皇冠体育app National Offshore Oil Co (CNOOC) announced on Tuesday that its net oil and gas output in the third quarter of 2008 rose 15.2 percent year-on-year.

The State-owned offshore oil producer said that its total revenue was 30.9 billion yuan for the third quarter, representing a year-on-year increase of 69.1 percent.

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