Chinese oil and gas producers post improved margins in third quarter

The top three oil and gas producers in China all posted higher gains in the third quarter, against the first two quarters of the year. Sinopec, China’s largest refiner and second largest oil and gas producer, PetroChina, the largest oil and gas producer, and the Hongkong-listed China National Offshore Corp. (CNOOC), are expected to perform even better in the fourth quarter, riding on the stabilizing Chinese economy and favorable policies.
The increase in net profit of the three companies came about when the National Development and Reform Commission (NDRC), China’s top economic planner, raised gasoline and diesel fuel prices in August, and then again in September, benefitting energy players. Another factor is the rise in prices of chemical products in the third quarter. (November 12, 2012)