Refining empire helps Sinopec outshine Chinese energy rivals
Its 19.9b yuan H1 profit beats PetroChina's 531m yuan gain, CNOOC's 7.7b yuan loss
Tue, Aug 30, 2016 - 5:50 AM
China's state-run oil giants have been slashing spending to weather the downturn, mainly impacting their exploration and production operations. The companies are relying more on overseas crude and natural gas to sustain output as production dwindles at home from ageing, high-cost oil fields.
CHINA Petroleum & Chemical Corp, the refining giant known as Sinopec, outshined its domestic state-run rivals in the first half of the year as its fuel-making business helped it weather the worst crude crash in a generation.