Bloomberg and staff reporterChina's oil giants said preliminary net income for last year surged on rising fuel prices and Beijing's emphasis on energy security. CNOOC (0883) expects its 2022 net profit to roughly double and net profit to come in between 139.6 billion yuan (HK$161.1 billion) and 143.6 billion yuan, up 99 and 104 percent. This came as PetroChina (0857) expects net income to jump up to 68 percent to 155 billion yuan. Russia's invasion of Ukraine has upended energy markets, resulting in skyrocketing prices and drastically tighter supply and aiding these state-owned oil and gas giants amid weak demand at home due to the pandemic. Flagging fuel demand in China will, they said in October, rebound in the final quarter, helped by stimulus and a recovering economy.

Source: The Standard January 20, 2023 01:22 UTC