By Le Figaro with AFP
Published
This content is not accessible.
Chinese oil giants Sinopec and Cnooc posted sharply higher profits in 2022, as the war in Ukraine and the global recovery sent energy prices soaring. The Russian invasion of Ukraine in February 2022 and the subsequent salvo of Western sanctions once morest Moscow, in particular once morest its gas sector, put pressure on global supplies and logically pushed prices up.
PetroChina, a listed entity of the public oil giant CNPC, reported for the whole of 2022 a net profit up 62.1% year on year. It amounted to 149.3 billion yuan (regarding 20 billion euros), once morest 92.1 billion yuan a year earlier, announced the first Chinese crude producer. Its net profit had then almost quadrupled. This year, “the global economy should continue to recover but at a slower pace», to have you PetroChina.
This content is not accessible.
” READ ALSO – Crackdown on an anime and manga piracy site in China
“Prices might go up”
However “there are still many factors of instability and uncertainty and in the face of volatility in crude prices, prices might increase“, underlines the public group in a press release published on Wednesday. In China, however, prices are regulated. For its part, China National Offshore Oil Corp (Cnooc), China’s largest offshore oil and gas producer, doubled its net profit last year. It reached 141.6 billion yuan (18.9 billion euros), once morest 70.32 billion yuan a year earlier, the company said on Wednesday.
«In 2023, the growth momentum of the world economy is expected to slow down due to multiple factors“, including inflation and a risk of financial crisis, warns Cnooc. Nevertheless, “global oil and gas needs are set to increase further (and) demand in China is particularly promising“Because of the recovery, assures the company.
For its part, the public group Sinopec, Asia’s leading refiner, announced on Sunday a net profit over one year down 6.8%, to 66.3 billion yuan (8.9 billion euros), in because of the anti-Covid restrictions in China which largely penalized activity last year. In their press release, no group mentions its intentions in Russia, while China has greatly increased gas imports from its neighbor since last year.
