Energy Insider: PetroChina and Sinopec Swing to Profits; Huadian Called on Carpet Over Safety

In today’s Caixin energy news wrap: PetroChina and Sinopec swing to profits in first half; China’s energy regulator has a chat with Huadian over production safety; Zijin Mining’s first half net profit surges 156%–173%; Jiangling Motors’ June sales drop 19.92%.

PetroChina, Sinopec swing to profits

China Petroleum & Chemical Corp. (Sinopec, 600028.SH) expects to report net profit of 36.5 billion–38.5 billion yuan ($5.64 billion–5.95 billion) for the 2021 first half, the company said Thursday. In the 2020 first half, it had a net loss of 22.9 billion yuan. Since the beginning of this year, demand for petroleum and petrochemical products rebounded as the pandemic eased around the world and crude oil prices rose, the company said.