By Pang Lijing (龐麗靜)
Economic Observer Online
Oct 25, 2011
Translated by Song Chunling
Original Article: [Chinese]

The Financial Supervision and Evaluation Department of the State-owned Assets Supervision and Administration Commission (SASAC), recently revealed details of the earnings of 102 centrally-controlled state-owned enterprises.

China National Petroleum Corporation (CNPC) (中國石油天然氣集團公司), the country's largest integrated oil and gas company, topped the list, raking in a net profit of 124 billion yuan in 2010, despite refining losses of 50 billion yuan.

CNPC, Sinopec and China National Offshore Oil Corporation (CNOOC) together made a total net annual profit of 270 billion yuan in 2010.

According to the data released by SASAC, CNPC controlled total assets of 2.2 trillion yuan at the end of 2010.

SASAC said that CNPC's strong profits could be put down to strengthened administration, vigorous expansion of the company's oil and gas exploration and exploitation and its rapid international expansion. The high price of oil on international markets, also helped to buoy the company's profits.

However some analysts point out that it was also a result of the monopoly position that the company holds.

CNPC made 128 billion yuan in profits in 2009.

Links and Sources
SASAC: List of financial results of 102 of China's 120 "centrally-controlled SOE (Chinese)