CNPC Net Profit Soars in First Half of 2017
China National Petroleum Corporation, China's largest oil producer and supplier, says its net profit is 16 times higher than expected during the first half of 2017, reaching nine billion ($1.33 billion) to 11 billion yuan.
According to an early announcement on earnings released by the company on Wednesday, net profit during the first six months of this year rose 1,600 percent to 1,986 percent compared with the same period last year, which was 528 million yuan.
The company attributed the drastic boost to a moderate recovery of the world economy and an increase in international oil prices.
The company's optimization of manufacturing operation and expenditure reduction during the first six months also helped, it said.
4. Brightoil to add more mobile online services
Brightoil Petroleum Holdings, a major Chinese private energy company, will include more online services in its mobile application, aiming to develop a cost-reducing ecosystem for users, according to a senior company manager.
"We will launch services covering vehicle insurance, after-sale of cars, parking, road and bridge tolls, and electronic toll collection, to provide an all-round oil consumption platform for domestic users," said Li Xiang, general manager of Brigtoil's online marketing division.
The company's third generation mobile application, which was launched in May, currently has online oil storage services, and allows oil charges offline, according to Li.
"Online storage of oil, based on our strong capability of offline oil storage, will be of key importance for users to reducing costs and increasing efficiency," said Li.
Since its first edition was launched in January 2016, the company's online mobile platform has attracted more than 4.1 million registered users, with transactions reaching over 4 billion yuan ($592.6 million).
Based in Shenzhen, a testing ground for China's reform and opening up since the late 1970s, Brightoil Petroleum announced last week that new users will be given 5 liters of oil as a bonus for online storage.
Xue Guanglin, chairman of the board of Brightoil Petroleum, said the company's booming online business was based on its strong offline capability.
"There will be huge market potential in the offline oil business as China has seen a growing number of car owners. We are making great efforts to introduce the innovative e-commerce service with integration of our traditional oil business," Xue said.
Founded 25 years ago, the Hong Kong-listed company now operates one offshore production well and two onshore natural gas fields, with oil reservoirs reaching more than 12 million cubic meters.