China's two big oil giants PetroChina and Sinopec have reported strong third-quarter net profits on robust domestic demand.
State-owned PetroChina said late Monday that net profit for July-September was 4.69 billion yuan (Dh2.59 billion), jumping nearly four fold from the same period last year.
"International oil prices fluctuated within a wide range and the average price increased significantly compared with the same period last year," PetroChina said in a statement to the Hong Kong stock exchange, where it is listed.
Sinopec, the world's biggest oil refiner and the listed unit of state-owned China Petrochemical said net profit climbed 12.77 per cent year-on-year in the quarter to 11.49bn yuan.
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Sinopec attributed the "outstanding results" to steady Chinese economic growth which fuelled increased domestic consumption of refined oil products and strong demand for gasoline, kerosene and natural gas.
Analysts said Sinopec's refining business offset losses in its upstream operations caused by higher oil prices.
"Sinopec's upstream losses narrowed as oil prices slowly moved up," said Anna Yu, a Hong Kong-based analyst at ICBC International Research.
"Sinopec's refining business will continue to perform well in the fourth quarter and may register extra inventory gains if oil prices move up."
China's economy, the world's second-largest after the United States, expanded 6.8 per cent in July-September, down slightly from 6.9 per cent in each of the previous two quarters, but indicating stability after a years-long growth slowdown.
PetroChina shares were flat in Hong Kong in Tuesday morning trade and 0.72 per cent lower in Shanghai, where it is also listed.
Sinopec gained 1.40 per cent in Hong Kong but was 0.17 per cent lower in Shanghai.
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Leading all-time NBA scorers
Kareem Abdul-Jabbar 38,387
Karl Malone 36,928
Kobe Bryant 33,643
Michael Jordan 32,292
LeBron James 31,425
Wilt Chamberlain 31,419
Company profile
Name: GiftBag.ae
Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
