However, Sinopec's total losses were likely to be higher than CNPC's, because a greater proportion of its production facilities are situated in regions hit heavily by the snowstorms and freezing temperatures.
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Two Chinese Oil Firms Suffer Lost Due to Severe Winter
Sinopec's total losses were likely to be higher than CNPC's
China's two major oil companies, China National Petroleum Corp (CNPC) and Sinopec, suffered more than 600 mln yuan in direct economic losses due to the bad weather, China's State Assets Supervision and Administration Commission.
CNPC, the parent of the Hong Kong-, New York- and Shanghai-listed PetroChina, said that the losses were mainly the result of disruptions to the transport routes near the company's oil and gas production facilities in southwest China, as well as restrictions on power consumption and the freezing up of pipelines.
However, Sinopec's total losses were likely to be higher than CNPC's, because a greater proportion of its production facilities are situated in regions hit heavily by the snowstorms and freezing temperatures.
Sinopec said that 867 of its gas filling stations were forced to close down by Feb 10 because of storm damage or supply disruptions.
However, Sinopec's total losses were likely to be higher than CNPC's, because a greater proportion of its production facilities are situated in regions hit heavily by the snowstorms and freezing temperatures.
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