Plunging global crude oil prices crimped 2015 earnings for China’s trio of oil companies, according to their annual reports. China National Offshore Oil Corporation (CNOOC), China’s largest offshore oil and natural gas developer, made 20.2 billion yuan (3.1 billion U.S. dollars) in net profits last year, plunging 66.4 percent year on year. Net profits of PetroChina Co. Ltd., China’s top oil and gas producer, shrank 66.9 percent to 35.52 billion yuan in 2015, the lowest profit since 1999. Sinopec, China’s largest oil refiner, saw its net profits decline 30 percent year on year to 32.4 billion yuan in 2015. The continued slump in global crude oil prices, downward pressure on the domestic economy and sluggish demand for oil and gas have caused the profit plunge for the oil giants, said Dong Xiucheng, professor with China University of Petroleum. Brent crude, the benchmark for more […]