BIZCHINA / Energy & Mining
10th Five-Year Plan
Updated: 2006-04-18 11:27
In 1998, China launched a strategic restructuring of its oil industry by
integrating upstream with downstream operations, domestic trade with
foreign trade and production with sales. PetroChina Company
Limited(PetroChina), China Petroleum & Chemical (Sinopec) were
established in the restructruing. PetroChinaranked 11th and Sinopec 20th
among the world's top 50 oil companies in terms of 6 composite indices
including oil and gas reserves, production, refinery and sales. Both
enjoyed advantages both in scale and integration of upstream and
downstream.
By the end of 1999, China's oil industry had accumulated fixed assets
worth 186 billion yuan. Annual sales reached 187.6 billion yuan with
profits amounting to 29 billion yuan, 30 percent of the total profits by
State-owned or State-controlled enterprises. Oil industry has become a
fundamental industry in the country's economy.
In 2000, China's prospecting and extraction investments amounted to 68
billion yuan, slightly higher than that in 1999. Oil prospecting and
extraction projects had run into the fast track. 400 million metric tons
of oil reserves were put to use.
The production capacity of crude oil jumped to 18.6 million metric tons,
an increase of more than 1 million metric tons over the previous year.
The production capacity of natural gas increased by almost 50 percent
from 1999 to reach 3.3 billion cubic meters. The nationa'stotal oil and
gas sales reached 301.2 billion yuan, an increase of 62.1 percent over
the previous year. Total profits and tax amounted to 151 billion yuan, an
increase of 174.7 percent. Total profits reached 110.3 billion yuan, an
increase of 296.3 percent. Total assets arrived at 422 billion yuan, an
increase of 15 percent. PetroChina, Sinopec and China National Offshore
Oil Corporation (CNOOC) achieved a combined profit of 94.4 billion yuan,
an increase of 237 percent over the previous year, representing almost 40
percent of the total profits of 239 billion yuan achieved by all
State-owned or State-controlled enterprises across the country.
In 2002, total assets of the oil and natural gasindustry reached 473.529
billion yuan, increasing by 11.59 percent over the previous year. The
industry's sales revenue reached 272.01 billion yuan, increasing by 0.51
percent over the previous year. The total profit reached 91.145 billion
yuan, decreasing by 7.5 percent over the previous year. the industry had
a workforce of 571,200 people, decreasing by 1.02 percent over the
previous year.
In 2002, the output of crude oil reached 169 million tons, up 2.45
percent over the previous year, and its accumulative sales revenue
reached 0.163 billion tons. The ratio of sales and output reached 99.6
percent.
In 2002, recoverable natural gas reserves increased by 237.5 billion
cubic meters. The industrial output of natural gas reached about 32.622
billion cubic meters, up 7.76 percent over the previous year, while the
sales volume reached 24.4 billion cubic meters.
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