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Analysts: Sinopec might lead in China’s three oil giants |
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Written by Administrator
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Wednesday, 30 August 2006 |
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BEIJING, August 30 (InfoChina) – If crude oil price persistently declines in the second half year, Asian largest oil refiner, Sinopec (NYSE:SNP) might be the leader in China’s Big Three oil companies, said Qiu Xiaofeng, an analyst with Everbright Securities.
If current product oil price level is maintained, China’s refineries will probably be back in red given that crude oil falls under 65 dollars per barrel, he said. While international crude price hiked 36% in the first six months, CNOOC (NYSE:CEO), PetroChina (NYSE:PTR) and Sinopec respectively posted a profit growth of 37%, 29% and 14% in the period. However, upstream contribution took too much account in CNOOC and PetroChina’s profit, analyst said, adding crude price became the key factor to affect the two companies’ profit. |
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