|China oil majors lift bottom line
Leading onshore oil firms Sinopec and PetroChina said profits grew in 2013.
Sinopec, a listed unit of China Petrochemical Corp, said net profit edged up 3.5 percent year on year to 66.1 billion yuan, it said in a statement on Sunday. Revenue was up by 3.4 percent at 2.9 trillion yuan thanks to “stable'' domestic demand.
“China's economy kept turning for the better, so demand for oil and petrochemical products in the domestic market grew stably,'' Sinopec chairman Fu Chengyu said in the statement.
This year, “China's industrialization and urbanization push will facilitate stable growth in demand from the oil and petrochemical markets, and provide room for development of the company,'' Fu said.
Sinopec was held partly responsible for a deadly pipeline explosion that killed more than 60 people in the eastern city of Qingdao in November, and caused losses of more than US$100 million.
Fu said the company had learned “unforgettable painful lessons'' from the incident and vowed to improve safety.
Separately, PetroChina said net profit jumped 12.4 percent year-on-year to 129.6 billion yuan in 2013 “despite the complex global and domestic economic environment.’’
Revenue for PetroChina, a listed unit of China National Petroleum Corp., gained 2.9 percent from a year earlier to 2.3 trillion yuan, the company said.
“Domestic demand for oil and gas will likely maintain fixed growth as the long-term trend of the domestic economy improving remains unchanged,'' PetroChina chairman Zhou Jiping said in a statement.
Ratings agency Moody's said today that a decline in the selling price of crude oil had some impact on PetroChina's upstream operations.
Shares of the two companies ended mixed in Shanghai trading today. Sinopec fell 0.38 percent and PetroChina gained 0.39 percent.
But in Hong Kong, where they are also listed, Sinopec jumped 3.62 percent while PetroChina surged 5.47 percent.—AFP