Profits Gush at China’s Three Oil Majors
China’s three state-owned oil and gas giants recorded strong profit growth in the third quarter as generally rising global oil prices and strong growing domestic demand contributed toward healthy returns.
PetroChina Co. Ltd., the listed arm of China National Petroleum Corp., racked up the biggest profits of the three, with net profits surging to 21.04 billion yuan ($3.03 billion) for the quarter, according to a filing with the Hong Kong Stock Exchange. It was the company’s highest quarterly increase since September 2014, and up 348.5% from the third quarter a year earlier.
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