Arab Today, arab today china energy giants the first half profits fall on low oil prices
Last Updated : GMT 20:38:58
Arab Today, arab today
Arab Today, arab today

China energy giants' the first half profits fall on low oil prices

Arab Today, arab today

Arab Today, arab today China energy giants' the first half profits fall on low oil prices

Car at a PetroChina petrol station
Shanghai - AFP

China's three biggest energy firms saw their first half net profits slump as low international oil prices and a weak global economy hit the bottom line, they said.

PetroChina, the listed arm of China’s biggest oil producer China National Petroleum Corp. (CNPC), said its net profit for the first half tumbled 62.7 percent year-on-year to 25.40 billion yuan ($4.0 billion) according to a statement to the Hong Kong stock exchange on Thursday.

The energy giant described the market environment as challenging due to the "weak recovery of the international economy, the intensified downward pressure on the domestic economy".

China's economy grew 7.0 percent in each of the first two quarters, slowing from a 7.4 percent expansion last year, which was its weakest since 1990.

PetroChina said international oil prices fluctuated at low levels during the period and market demand for oil and gas was weak.

Oil prices hit their lowest levels since early 2009 this week over concerns China's slowing economy will curb demand for the commodities that have helped drive its growth over the past three decades.

PetroChina's turnover in the January-June period also dropped, falling 23.9 percent on the year to 877.62 billion yuan, it said.

It warned the market situation may remain weak in the second half.

"The mild recovery of the global economy will remain highly uncertain in the second half of 2015... the global oil price is likely to keep fluctuating at a low level,” the company said.

It added "downward pressure on the economy still exists" for China in the second half.

- 'Little optimism' -

Another refining giant, Sinopec, reported net profit for the first six months slumped 22.3 percent to 24.43 billion yuan, it said late Wednesday in a statement to the Hong Kong stock exchange, where it is listed.

It also blamed slow economy recovery and low oil prices for the drop.

"In the first half of 2015, the global economic recovery remained slow," Sinopec chairman Wang Yupu said in the statement. "International crude oil prices plunged in the second half of last year and fluctuated at low level in the first half."

Sinopec's revenue dropped 23.3 percent year-on-year to 1.04 trillion yuan in the January-June period.

Separately, China's main offshore oil and gas producer, CNOOC, reported a 56.1 percent year-on-year plunge in net profit to 14.73 billion yuan in the first half, the company said in a statement to the Hong Kong stock exchange late Wednesday.

"Economic growth in China stabilised from slowing down and saw signs of bottoming out, while international oil prices continued to hover at low levels," CNOOC chairman Yang Hua said in the statement.

Its revenue also fell sharply by 35.5 percent year-on-year to 89.59 billion yuan in the first half, according to the statement.

CNOOC warned there was little to hope for in the second half.

"There is little optimism in the world’s macro-economic environment; international oil prices are expected to remain at a low level,” Yang said.

Despite the results, PetroChina gained 4.13 percent in Hong Kong trading and rose 2.33 percent in Shanghai.

Sinopec jumped 3.94 percent in Shanghai and added 1.82 percent in Hong Kong, while CNOOC surged 14.39 percent in Hong Kong.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china energy giants the first half profits fall on low oil prices Arab Today, arab today china energy giants the first half profits fall on low oil prices

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts

GMT 05:23 2017 Tuesday ,21 February

Oil rises, but growing US output threatens rally

GMT 00:24 2017 Tuesday ,21 February

OPEC daily basket price announced for Thursday

GMT 16:12 2017 Sunday ,19 February

Oil prices still under pressure from North America
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday