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Crude prices hit top two oil refiners
CHINA‘S major two refiners, Sinopec Group and China National Petroleum Corp, lost 5.71 billion yuan (US$836 million) in their refining units in the first half because of surging crude rates and regulated domestic fuel prices.
The loss was 47.9 percent greater than a year earlier, despite government subsidies and a rise in gasoline and diesel prices last month, the China Petroleum and Chemical Industry Association said.
Crude oil in New York has risen 73 percent in the past year and hit a record high of US$147.27 a barrel on July 11. Although oil tumbled more than 10 percent last week, the association said the rising trend wouldn‘t change and oil could be between US$140 and US$150 in the second half, eroding margins in downstream sectors. Sinopec‘s listed unit warned last week that its first-half earnings would fall more than 50 percent, blaming rising crude.
CNPC had a pre-tax profit of 56.4 billion yuan in the first half, down 39 percent from a year earlier, Dow Jones said yesterday, as it paid 47.6 billion yuan of a special windfall levy on crude sales, more than tripling the year-earlier amount, with surging crude prices. To counter the rising costs and refining losses, CNPC aims to cut non-production spending by more than 10 percent this year, CNPC President Jiang Jiemin said. CNPC won‘t approve the purchase or rental of luxury cars or the construction of new buildings, and will cut back spending on ceremonies, meetings and overseas trips in a two-year campaign.
China National Offshore Oil Corp, the nation‘s No. 3 oil producer which has a small exposure in refining, said its first-half net profit rose 35.2 percent to 18.95 billion yuan amid higher production and surging oil prices.
Oil and natural gas output rose 2.4 percent to 20.7 million tons of oil equivalent, while first-half sales rose 48 percent to 106.3 billion yuan. CNOOC‘s operating costs jumped 52.9 percent during the same period, blaming government windfall tax on crude sales, tightened monetary policy and high inflation.
"Although high oil prices benefit upstream business, it also drives up costs and adds substantial pressure on downstream sectors," said CNOOC, parent of flagship oil producing unit CNOOC Ltd, service arm COSL and fertilizer producer China BlueChemical Ltd.
The loss was 47.9 percent greater than a year earlier, despite government subsidies and a rise in gasoline and diesel prices last month, the China Petroleum and Chemical Industry Association said.
Crude oil in New York has risen 73 percent in the past year and hit a record high of US$147.27 a barrel on July 11. Although oil tumbled more than 10 percent last week, the association said the rising trend wouldn‘t change and oil could be between US$140 and US$150 in the second half, eroding margins in downstream sectors. Sinopec‘s listed unit warned last week that its first-half earnings would fall more than 50 percent, blaming rising crude.
CNPC had a pre-tax profit of 56.4 billion yuan in the first half, down 39 percent from a year earlier, Dow Jones said yesterday, as it paid 47.6 billion yuan of a special windfall levy on crude sales, more than tripling the year-earlier amount, with surging crude prices. To counter the rising costs and refining losses, CNPC aims to cut non-production spending by more than 10 percent this year, CNPC President Jiang Jiemin said. CNPC won‘t approve the purchase or rental of luxury cars or the construction of new buildings, and will cut back spending on ceremonies, meetings and overseas trips in a two-year campaign.
China National Offshore Oil Corp, the nation‘s No. 3 oil producer which has a small exposure in refining, said its first-half net profit rose 35.2 percent to 18.95 billion yuan amid higher production and surging oil prices.
Oil and natural gas output rose 2.4 percent to 20.7 million tons of oil equivalent, while first-half sales rose 48 percent to 106.3 billion yuan. CNOOC‘s operating costs jumped 52.9 percent during the same period, blaming government windfall tax on crude sales, tightened monetary policy and high inflation.
"Although high oil prices benefit upstream business, it also drives up costs and adds substantial pressure on downstream sectors," said CNOOC, parent of flagship oil producing unit CNOOC Ltd, service arm COSL and fertilizer producer China BlueChemical Ltd.
