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China’s foreign oil drive set to continue

Posted on 25 March 2013

China’s state-owned oil companies reported falling net profits last year due to the economic slowdown and state-controlled fuel prices, even as they are set to continue their rapid expansion overseas.
Sinopec, China’s largest refining company, reported on Sunday that net profits for 2012 fell 12.8 per cent from the previous year to Rmb63.9bn ($10.3bn), due to price controls for refined fuels and losses in the petrochemical sector. PetroChina, a subsidiary of CNPC, reported net profit down 13.3 per cent last year, while Cnooc, China’s largest offshore oil producers, saw net profit fall 9.3 per cent………………………………………..Full Article: Source


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