Falling Chinese profits pressure spending

摘要

Chinese state-run oil firms are seeing profits fall as domestic price controls undermine the prospect of improved downstream margins on lower crude prices. PetroChina’s third-quarter profits fell by 6pc on the year to 27.9bn yuan ($4.6bn), its weakest in eight quarters. Sinopec took larger hits upstream and downstream, with profits down by 13pc to Yn19bn (see table).