China oil giants suffer from dropping crude prices
Source: www.chinamining.org Citation: Xinhua Date: August 25, 2016
Despite rising output, China`s major oil producers posted lackluster performance in the first half of the year weighed upon by dropping global crude prices.
China National Petroleum Corporation (CNPC) registered a nearly 97.9 percent decline in its net profit, making only 531 million yuan (almost 80 million US dollars), while China National Offshore Oil Corporation (CNOOC) saw a loss of 7.74 billion yuan.
However, the oil yields of CNPC and CNOOC rose 1.7 percent and 0.6 percent year on year, respectively.
Another oil giant, Sinopec Group has yet to release its half-year financial report.
About CHINA MINING
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
CHINA MINING Congress and Expo 2016 will be held at Meijiang Convention and Exhibition Center in Tianjin on September 22nd -25th, 2016. We invite you to join the event and to celebrate the 18th anniversary of CHINA MINING with us. For more information about CHINA MINING 2016, please visit: m.balanzskin.com.
