Oil giants Sinopec and PetroChina both expect a rise in net income for the first six months of the year due to rising crude oil prices as the global economy improves, reported Bloomberg.
Sinopec forecasted a net income between RMB 36.5 billion ($5.6 billion) and RMB 38.5 billion for the period of January to June of 2021 as the company bounces back from a loss of RMB 22.9 billion in the same 6-month period from the previous year. In the first half of 2019, Sinopec’s forecast was lower, at RMB 31.3 billion.
PetroChina expects an increase in earnings by 75 billion to RMB 90 billion. Both companies said that improving economic conditions have increased demand for oil, gas, and petroleum products.