Sunday, February 23, 2020 | ePaper

Gas demand fuels profit surge at Chinese oil giants

  • Print
AFP, Shanghai :
Chinese energy giant Sinopec, the world's largest oil refiner, said Monday its annual profit for 2018 soared by almost a quarter thanks to growing domestic demand for natural gas.  Sinopec's profit grew 23.4 percent to 63.1 billion yuan ($9.4 billion) in 2018, the company said in a report submitted to the Shanghai Stock Exchange.  Sinopec, whose official name is China Petroleum & Chemical Corporation, said domestic consumption of natural gas rose 18.1 percent to 280.3 billion cubic metres as the country's environmental regulations became "more stringent".
The company has benefited from a policy shift under President Xi Jinping aimed at raising natural gas consumption and reducing reliance on heavily polluting coal.
"We will make vigorous efforts in pollution prevention and environmental protection to raise the level of our green development," Sinopec chairman Dai Houliang said in the annual report.
Demand for chemicals "kept strong momentum" in 2018 while refined oil products such as gasoline, diesel and kerosene consumption gained 6.0 percent.
China surpassed Japan in 2018 to become the largest natural gas importer in the world, the official People's Daily newspaper said Saturday, citing an industry report.
PetroChina, the country's biggest oil producer, also benefited from strong natural gas demand along with rising crude oil prices as it reported on Friday a 130.7 percent increase in profit to 52.6 billion yuan in 2018.  
Sinopec proposed a 0.42 yuan per share dividend for 2018 and its chairman Dai said the company's capital expenditure for 2019 will increase 15.5 percent to 136.3 billion yuan.
However, some analysts doubt whether increased spending will lead to reasonable returns.
"The oil companies may just be implementing the government's order, even if that means they produce oil at a high cost," Laban Yu, an analyst with Jefferies Financial Group Inc told Bloomberg News.


More News For this Category

Md. Mehmood Husain, CEO of NRB Bank Limited, presiding over its day-long workshop on 'Work Order Financing' at the bank's learning and development center in the city on Thursday. Md. Khurshed Alam, DMD, Mohammed Sahidul Islam, SVP and ATM Zamal Uddin, Head of SME of the bank, were also present.

Md. Mehmood Husain, CEO of NRB Bank Limited, presiding over its day-long workshop on 'Work Order Financing' at the bank's learning and development center in the city on Thursday. Md. Khurshed Alam, DMD, Mohammed Sahidul Islam, SVP and ATM Zamal Uddin, Head of SME of the bank, were also present.

.

3,214 entrepreneurs get Tk 35.50 cr SME loan in Rajshahi

Rajshahi Correspondent :A total of 3,214 entrepreneurs were given SME loan worth around TK 35.50 crore in different business friendly areas during the first seven months of the current

Robi posts Tk 7,481cr revenue

Economic Reporter :Buoyed by robust data revenue growth of 28 percent over the year 2018, Robi registered Taka 7,481 crore revenue in 2019, which was 10 percent higher than

BD needs to uplift skills, education to face 4IR challenges: Study

Economic Reporter :Bangladesh needs to concentrate on school education and Computer Science and Engineering (CSE) for uplifting education and skills development as the fourth industrial revolution (4IR) may pose

Quazi Osman Ali, CEO of Social Islami Bank Limited, presiding over a discussion meeting with the members of Hajj Agencies Association of Bangladesh (HAAB) at a city hotel in the city recently to ease the banking service among the Hajj Pilgrims. M. Shahadat Hossain, President, Moulana Yaqub Shorafati, Senior Vice President and Faruk Ahmed Sarder, Secretary General of HAAB, Md. Mazharul H. Bhuiyan, Secretary General of Association of Travel Agents of Bangladesh (ATAB), and other senior officials of the bank were also present.

Quazi Osman Ali, CEO of Social Islami Bank Limited, presiding over a discussion meeting with the members of Hajj Agencies Association of Bangladesh (HAAB) at a city hotel in the city recently to ease the banking service among the Hajj Pilgrims. M. Shahadat Hossain, President, Moulana Yaqub Shorafati, Senior Vice President and Faruk Ahmed Sarder, Secretary General of HAAB, Md. Mazharul H. Bhuiyan, Secretary General of Association of Travel Agents of Bangladesh (ATAB), and other senior officials of the bank were also present.

.

Dr. Jamaluddin Ahmed, Chairman of Janata Bank Limited, speaking at the 'Branch Managers Conference of Dhaka South Divisional Office at a hotel in the city on Thursday. Md. Abdus Salam Azad, CEO, Md. Zikrul Hoque, DMD and AKM Shariat Ullah, CFO of bank, were also present.

Dr. Jamaluddin Ahmed, Chairman of Janata Bank Limited, speaking at the 'Branch Managers Conference of Dhaka South Divisional Office at a hotel in the city on Thursday. Md. Abdus Salam Azad, CEO, Md. Zikrul Hoque, DMD and AKM Shariat Ullah, CFO of bank, were also present.

.

BB to launch Tk-200 note on Bangabandhu's birth centenary

Economic Reporter :Bangladesh Bank will launch a regular currency note of Tk 200 denomination and commemorative gold and silver coins worth Tk 100 on the occasion of the birth

Govt working to move the economy forward: Kamal

Economic Reporter :Finance Minister AHM Mustafa Kamal on Saturday said that the government is working relentlessly to move forward the country's economy as it is providing all necessary support

Kholiquzzaman for agent banking's 70pc loan distribution in remote villages

BSS, Dhaka :Renowned economist Dr. Qazi Kholiquzzaman Ahmad on Saturday laid emphasis on setting up extreme small, small and medium industries for the economic development of country's remote villages."Supply

FBCCI seeks policy support to tackle conronavirus impact

Economic Reporter :Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Saturday sought policy support from government to face the coronavirus impart as Bangladesh depends on China for