Oil, gas majors see surge in profits

PetroChina, Sinopec report strong Q3 results on rising crude prices, demand

Major domestic oil and gas producers reported a year-on-year rise in their third-quarter earnings, boosted by rebounding global oil prices and increasing demand for gas in China.

PetroChina, the listed arm of State-owned China National Petroleum Corp, saw its third-quarter net profit increase 348.5 percent year-on-year to reach 21.04 billion yuan ($3.02 billion), a record high since 2014. Its third-quarter revenue hit 601.1 billion yuan, a 24.8 percent increase from the same period last year.