HONG KONG -- Profits at China's leading state-run petroleum groups surged last year on the back of rising oil prices, which partly obscured the creeping effects of a slowing economy and government controls over earnings.
The net profit attributable to shareholders of the country's three oil majors -- China Petroleum & Chemical (Sinopec), PetroChina and CNOOC -- added up to 166.9 billion yuan ($24.9 billion) last year, marking a 69% jump from the year before. The total amount of increase exceeded 68 billion yuan, or more than $10 billion.
