China’s role as a major player in the oil and gas industry continues to be underscored by the huge impact which its local companies continue to make in the sector globally.
A Friday March 22 Oil Industry News Report lists two Chinese companies among the top three biggest oil and gas companies in the world last year, based on revenue growth. The two were separated by Royal Dutch Shell while Exxon Mobil was ranked fifth.
The Oil Industry News report ranks the China Petroleum & Chemical Corporation (SINOPEC) as the top industry performer last year, raking in US$426 billion in operating revenue, the equivalent of 22.09% year-over-year growth compared with 2017. The report says that the company’s refinery and distribution segment accounted for approximately 60% of revenue while its total domestic sales volume of refined oil products increased by 1.4% to 180.24 metric tonnes.
