Related Articles
Report
Forward article link
Share PDF with colleagues

China's NOCs start to feel the pinch

The country’s oil giants aren’t in the rosiest financial health, but remain ready to scoop up assets elsewhere

The latest numbers from China’s national oil companies (NOCs) signal more pain ahead as they grapple with an international oil-price slump at the same time as demand softens for their product at home. But their appetite for foreign acquisitions lingers on. China’s big oil companies may all ultimately be controlled by the government and have the same goals – to produce or buy enough oil and gas to feed China’s economy while turning a healthy profit to keep investors happy – but they’re far from equal.  While the big two oil companies – China National Petroleum Corporation (CNPC) and China Petroleum and Chemical Corporation (Sinopec) – saw their profits significantly dented last year, China

Also in this section
Uganda's ambitious oil-export timetable
26 April 2017
The government's keen, the companies are willing—is Uganda's oil boom finally on the way?
Sustainable energy: Learning from the success stories
19 April 2017
Sharing good examples is the key to change SEforALL’s Rachel Kyte tells World Energy Focus
Nigeria: Back to the future?
19 April 2017
The government faces some tough decisions as it decides how to handle the corruption allegations surrounding the acquisition by Shell and Eni of offshore block OPL 245