Oil firms to see robust earnings

China's two oil majors will see robust growth in earnings this year, chiefly due to the new oil pricing system and more stable crude prices, analysts said.

When their interim reports for the half-year are released, PetroChina and Sinopec are expected to perform better, especially in their refining businesses, than during the same period last year, they said.

International crude oil prices will have the biggest impact on the two companies' business performance, but other factors, such as domestic refined oil prices and windfall taxes will also play a role, said Liu Gu, analyst, Guotai Jun'an Securities.