Asia Viewpoint: by Ma Dongwei

State-owned companies China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec) and China National Offshore Oil Corporation (CNOOC) recently announced their results for 2020.

Sinopec posted revenues of Yuan 2.11 trillion in 2020, down 28.8% from 2019. Its net profit was Yuan 32.924 billion, down 42.9% from the previous year. CNPC痴 revenue fell 23.2% on year to Yuan 1.93 trillion. The company posted a net profit of Yuan 19.006 billion, down 58.4% on year. CNOOC saw its revenue decrease 33.4% on year to Yuan 155.4 billion and its net profit drop 59.1% on year to Yuan 24.956 billion.

Total revenues of the three state-owned companies amounted to around Yuan 4.2 trillion and total net profits were at Yuan 76.886 billion. Net profits fell about 53% from the Yuan 164.318 billion posted in 2019.

In 2020, the global economy was severely affected by the COVID-19 pandemic and the domestic economy in China also weakened. This led to poorer business conditions in the oil industry.