China petroleum released today by 2010 and medium-term performance during the first half of the net profit of about 653.3 billion yuan, a year-on-year growth of 9.3%, realize the basic earnings per share 0.36 yuan, a year-on-year growth of 0.08 yuan. Exploration and production plate 733.7 profit realization billion yuan, a year-on-year increase of rapid growth, present envelop stone, for its earnings remain.

First, China’s oil production present rapid growth, total crude production 4.25 billion barrels, year-on-year growth rate, production in recent years; for year-on-year Production sale gas 1.15 trillion cubic feet, a year-on-year growth of fast growth, continue to 12.9%. During the first half of 6.17 billion barrels of oil and gas production of oil, a year-on-year growth of 4.9 percent. Exploration and production plate 733.7 profit realization billion yuan, a year-on-year increase of rapid growth, present envelop stone, for its earnings remain.

The price hike by domestic product, the first half of its oil sales, sales JiZeng concentration-response realize 5,952 tons of oil, year-on-year, the domestic retail market share 26.6% 2.9 percent growth, achieve 38.1%. But oil prices rising influence, refinery profit space narrow, refining and chemical plate realize operating profit 54.6 million yuan RMB, the year-on-year drop 68.3%.

To deal with complex of macroeconomic situation, China petroleum in the first half of this year to vigorously implementing “resources, market, internationalization”, in all three strategic business has many breakthroughs. Domestic oil and gas exploration in tarim basin, ordos basin, the bohai gulf basin, in junggar basin, the sichuan basin and the qaidam basin has important discovery, continue to show good prospects for development.

Refinery strategic restructuring and significant progress. Southern coastal area first large-scale oil refining project – guangxi petrochemical tons refinery project completed, Urumqi PX device is fully completed production, The biggest single set of domestic production of tarim large chemical fertilizer production equipment, a successful Sichuan refinery project, daqing and fushun big ethylene project progress.

In natural gas pipeline, the principal part of the project completion, close to central gas pipeline construction into end line B, NingLan acerbity lanzhou-xinjiang (west), LanZheng xining long white oil pipeline, DuanJianCheng lanzhou to zhengzhou into west-east gas transmission, accelerate the second such as dalian and jiangsu LNG key projects proceed smoothly.

In addition, according to China’s oil, and shell joint purchase CBM, and has realized assets into strategic, South America, Canada, heavy oil business projects have made important progress. Overseas oil and gas exploration continues to make new achievements, Chad H block with high risk of oil exploration success.During the first half of 6.17 billion barrels of oil and gas production of oil, a year-on-year growth of 4.9 percent. Exploration and production plate 733.7 profit realization billion yuan, a year-on-year increase of rapid growth, present envelop stone, for its earnings remain.

Later on, China petroleum market prospect, the world economy, China’s economic recovery is expected to continue up the market trend, domestic economy is expected to continue rapid growth, petrochemical products market demand will rise. But oil prices in the international and domestic policies of petroleum and petrochemical industry, business environment also faces many uncertain factors.

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