CNOOC China posts record profit in the first half of 2018 on robust output growth
CNOC, the Chinese offshore oil-and-gas major, posted a record profit for the first half of this year on Thursday. This was largely due to higher oil prices and increased output. CNOOC reported in a filing to the Hong Kong Stock Exchange that net profit attributable shareholders increased 25% to 79.73 yuan (US$11.19 billion). CNOOC's oil and gas production increased by 9.3%, to 362.6 millions barrels of equivalent oil. This was due to the expansion of its reserves. Among the key discoveries made during the reporting period were Lingshui36-1, the first ultra-deepwater field in the South China Sea and the Bozhong26-6 and Penglai9-1 oilfields.
PetroChina posts record interim profit, but fuel sales decline
PetroChina, China's largest gas and oil company, announced on Monday that its first-half net profit had reached a new record, an increase of 3.9% over a year earlier, due to higher gas and oil prices, which outweighed lower refining profits. According to a filing at the Hong Kong Stock Exchange, the net income for the period was 88.61 billion Yuan ($12.44billion) and the total revenue increased by 5% to 1.554 trillion Yuan. Sinopec, China's largest refiner, reported a 2.6% increase in its net interim profit to $5.2 billion. This was boosted by record oil and natural gas production but sluggish fuel demand and petrochemicals were a drag.
China's Sinopec Q3 Profit Up 60% On Year
Chinese oil and gas major Sinopec's net profit rose to 18.38 billion yuan ($2.64 billion) in the third quarter, up 60 percent from a year earlier, on robust refining margins and improving earnings from crude oil and gas production.The figure was down, however, from a record high of 22.83 billion yuan in the second quarter, company filings to the Hong Kong stock exchange showed on Tuesday night.The quarter-on-quarter decline came after Sinopec's profit grew for five consecutive quarters. It could increase concerns that a glut in fuel markets and the higher cost of crude oil…
PetroChina's Q3 net profit leaps
China's largest oil and gas producer PetroChina reported on Monday a leap in third-quarter net profit on rebounding crude prices and deleveraging. Net profit surged to 4.69 billion yuan ($706 million), up 290 percent from a year earlier, as the company cut debt and interest expenses. Revenues rose to 481.8 billion yuan, up 17 percent from the same period last year, PetroChina said in a filing to the Hong Kong stock exchange. The state giant's share price, however, has been hovering near the lowest since 2005, weighed down by still weak global oil prices while refining margins are under pressure from competition from independent refineries.
Hong Kong pins Aramco IPO Hopes on China's Deep Pockets
Saudi expects to float 5 pct of state oil company for $100 bln; HKEX hopes to leverage deep-pocketed China investors to woo Riyadh. Hong Kong's stock exchange will bank on its role as a gateway to mainland China's deep-pocketed investors to take on other leading venues and win the coveted $100 billion listing of Saudi Arabia's giant state oil company, Aramco, it said on Monday. Charles Li, the CEO of Hong Kong Exchanges and Clearing (HKEX), said access to Chinese capital and China's role as the world's largest importer of oil made Hong Kong a viable contender in the frantic race between listing venues. Chinese banks are also expected to play a part.
Sinopec Corp Expects 11-Fold Q2 Profit Jump
Sinopec expects more than 1,000 pct rise over Q1. Sinopec Corp said on Wednesday that it expected an 11-fold jump in quarterly net profit, and has halted trading on the Hong Kong bourse until Thursday. In a notice to the Shanghai Stock Exchange, the state-controlled energy giant said it estimated its second-quarter net profit attributable to equity holders of the company would jump more than 1,000 percent from the first quarter. Net profit in the first quarter of 2015 stood at 2.17 billion yuan ($349.5 million), down 85 percent on year.
Sinopec, PetroChina Dismiss Merger Rumors
Sinopec Corp and PetroChina on Monday dismissed media reports their parents would merge to create a state giant, saying they have never received any official information about such a restructuring. "Neither the company nor its controlling shareholder has ever received any information, written or verbal, from any government authority," Sinopec said in a filing with the Hong Kong stock exchange. Its major rival PetroChina, the country's dominant oil and gas producer, issued a similar statement via the Shanghai stock exchange late on Monday.
Gazprom Aims at New Markets for Company’s Shares
Board of Directors have reviewed Gazprom’s activities aimed at gaining new stock markets for Company’s shares. The Board of Directors took note of the Gazprom’s activities aimed at gaining new stock markets for the Company’s shares. At present, Gazprom’s shares are listed on the Moscow and Saint Petersburg Exchanges as well as Russia’s over-the-counter market. The Global Depositary Receipts (GDRs) against the Company’s shares are traded on the London, Berlin and Frankfurt Stock Exchanges, the Moscow Exchange as well as the over-the-counter markets in the USA and Singapore.
CITIC Starts Court Proceedings Against Qingdao Port Operator
China's CITIC Resources Holdings Ltd has begun court proceedings against the operator of a bonded warehouse at Quindao port as legal action ramps up following an investigation into metals financing fraud at the world's seventh busiest port. CITIC Resources said last month it had been unable to secure around 120,000 tonnes of alumina, more than half of the alumina stocks it had title to that were stored at the port pending payment by buyers and delivery. Under the legal action, CITIC is requiring the port operator to confirm its ownership of 223…
Keppel Extends Strategy into China
Company signs agreement to manage a shipyard in Quanzhou, China. Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly owned subsidiary, FELS Offshore Pte Ltd, has signed a management services agreement with Titan Petrochemicals Group Limited (Titan) - a company in which commodities trading conglomerate Guangdong Zhenrong Energy Co. Ltd. (GDZR) is a major shareholder - and Titan Quanzhou Shipyard Co. Ltd (TQS), to manage the TQS shipyard. TQS, located in Quanzhou in Fujian Province, is one of the largest shipyards in China, occupying a total area of 110ha with 3,600m length of coastline.
