Improved profits at China’s state-owned oil majors are likely to help them deliver on Beijing’s demands for energy secur | Hanami
Improved profits at China’s state-owned oil majors are likely to help them deliver on Beijing’s demands for energy security.
Third-quarter earnings this week show PetroChina Co. and Sinopec reaping the rewards of higher oil prices caused by war in the Persian Gulf. The gains were mostly driven by upstream operations, although downstream businesses held up well despite China’s cratering demand for transport fuels. Offshore specialist Cnooc Ltd. reports later Friday.
Earlier this month, the government laid out key tasks for boosting energy security over the next decade. At a meeting with the National Energy Administration and other agencies, the three majors gave their plans for raising oil and gas reserves and output. #oott https://www.bloomberg.com/news/articles/2026-10-30/china-s-oil-majors-get-more-firepower-for-energy-security-push