With rising prices, Chinese oil companies post record profits

Workers at an oil giant Sinopec company in Beijing in May 2018. AP - Mark Schiefelbein

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1 min

The rise in crude oil prices is making Chinese oil companies happy.

The giants, such as Sinopec and PetroChina, exploded their profits during the first half.

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The Chinese are no exception: like all the oil giants in the world, they are attacking the start of the school year with a smile.

China's biggest offshore oil and gas producer, China National Offshore Oil Corp, more than doubled its net profit in the first half of 2022. And there's a strong production performance too, to answer calls from Beijing. secure the country's supply.

PetroChina, China's largest crude producer, increased its profit by 55%, a historic performance.

The company itself attributes this result to the

linked to the Ukrainian crisis.

The other giant that benefits from the international context is Sinopec.

Asia's leading refiner announced a 10% increase in net profit on Sunday, August 28, even though its sales of refined products fell by almost as much due to successive confinements, which weighed heavily on Chinese demand.

The refiner owes its profits in part to its purchasing policy.

In May and June, the group distinguished itself as the first purchaser of

ESPO-type

It is one of the flagship varieties of Russian crude, which transits through a pipeline that runs from Eastern Siberia to the Pacific Ocean.

The ESPO is sold at a bargain price.

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