Marine Link
Thursday, September 29, 2016

China Oil Producer Sees Profits Soar

September 5, 2006

China's top offshore oil and gas producer, CNOOC (CEO), has posted a 38 percent jump in earnings for the first half of the year. The better-than-expected results were driven by soaring energy prices and higher output, according to a report on www.voanews.com. Oil and gas production at the state-owned company increased by more than seven percent in the first six months of 2006 compared to a year earlier. CNOOC's chairman Fu Chengyu says the company achieved breakthroughs in its overseas business development. Fu says CNOOC completed the acquisition of a 45 percent stake in a Nigerian oil block and also extended its exploration activities to Equatorial Guinea, Australia and Kenya. China's second-largest lender, the Bank of China (BACHF), also posted positive interim results. Higher lending in the booming Chinese economy was the main driver behind the bank's 28 percent rise in first-half earnings. (Source: www.voanews.com)


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