InfoAnda - Oil producer CNOOC 2008 profits up 43 percent

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Oil producer CNOOC 2008 profits up 43 percent AP - Wednesday, April 1 BEIJING - CNOOC Ltd., China's third-largest oil and gas producer, said Tuesday its 2008 profit surged 43 percent as oil prices boomed but warned this year's outlook was more somber due to a price slump. Profit rose to 44.4 billion yuan ($6.5 billion), or 0.99 yuan per share, compared with 31.3 billion yuan, or 0.72 yuan per share, in 2007, the Beijing-based company said. Revenues soared 39 percent to 126 billion yuan ($18.4 billion). CNOOC is an oil producer with no refining operations, so it was spared losses that other major Chinese oil companies suffered due to government controls that barred them from passing on rises in crude costs to consumers. Sinopec Ltd., Asia's biggest refiner by volume, said Sunday its 2008 profits plunged 47 percent due to such losses. In a statement, CNOOC Chairman Fu Chengyu cautioned that 2009 would be tougher following the drop in global oil prices and weak demand. "The global economy is still in the dark night. Oil prices continue to wane. For the oil industry, the cold winter still prevails," Fu said. However, he said, "we will not lose confidence and stand still today but will ensure that we will not miss out on development opportunities that lie ahead." ___ On the Net: CNOOC Ltd.: http://www.cnoocltd.com Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy BeijingWest to buy Delphi suspension, brakes unitAP - 59 minutes ago SABIC CEO sees growth in chemicals sector by year end: CNBCReuters - 1 hour 12 minutes ago FAA sees 9 percent fewer air passengers this yearAP - 2 hours 1 minute ago China quietly extends its currency's global reachAP - 2 hours 32 minutes ago Related Articles: Business Fox News launches Web site FoxNation.comAP - 1 hour 10 minutes ago Euro pares gains vs dollar on housing dataReuters - 1 hour 11 minutes ago SABIC CEO sees growth in chemicals sector by year end: CNBCReuters - 1 hour 12 minutes ago World Bank offers trade boost, OECD casts G20 shadowReuters - 1 hour 14 minutes ago India govt did not need all planned MSS funds-cbankReuters - 1 hour 14 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed 100,000 secular Britons seek 'de-baptism' Prince William up for Afghanistan fight: report World auto shake-up leaves investors reeling Hot tea linked with throat cancer Obama offers tough love to US car giants View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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