First-half net profits of Sinopec Corp are forecast to have reached RMB36.5-38.5 billion, up around RMB59.4-61.4 billion from negative RMB22.88 billion in H1 2020. PetroChina forecasts that its H1 net profits may have reached RMB45-60 billion, increasing RMB75-90 billion from negative RMB29.99 billion from a year earlier.

The estimated profit growth of the two companies is mainly due to increasing international crude oil prices, domestic economy remaining stable growth, recovery of market demand, etc.