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Chinese oil groups keep up expansion《金融时报》

Chinese oil groups keep up expansion《金融时报》
       China’s state-owned oil companies reported falling net profits last year due to the economic slowdown and state-controlled fuel prices, even as they are set to continue their rapid expansion overseas.  
      
       Sinopec, China’s largest refining company, reported yesterday that net profits for 2012 fell 12.8 per cent from the previous year to Rmb63.9bn ($10.3bn), due to price controls for refined fuels and losses in the petrochemical sector. PetroChina, a subsidiary of CNPC, reported net profit down 13.3 per cent last year, while Cnooc, China’s largest offshore oil producers, saw net profit fall 9.3 per cent.  
       
       China is the world’s second-largest importer of crude oil, and Sinopec, PetroChina and Cnooc have all been expanding rapidly overseas, spending more than $35bn last year on overseas acquisitions.  
     
       For the year ahead, PetroChina expressed cautious optimism. “Demand for energy will continue to grow,” wrote PetroChina, noting that Beijing’s economic and fiscal policies would promote healthy economic growth for China. Sinopec wrote that crude oil prices would “fluctuate within an elevated level” during 2013.  
      
       China’s oil groups play an increasingly important global role, and by 2015 will produce enough oil outside of China’s borders to rival the output of Kuwait, according to forecasts from the International Energy Agency.  
      
       Cnooc’s $18bn purchase of Canada’s Nexen last year set a record for overseas acquisitions, and Cnooc’s management said the completion of that deal would pave the way for more big deals down the road.  
   
       All three companies outlined ambitious capital expenditure forecasts for this year, implying more overseas acquisitions could be in store.  
     
       Gordon Kwan, head of energy research at Mirae, said that national energy security and technology would be the two key drivers of overseas acquisitions.  
      
         
       译者:梁艳裳  

 

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