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Fuel card news: Chinese energy giant 'sees fuel consumption rise'

23 August, 10
Chinese energy firm Sinopec is anticipating the country's fuel consumption is likely to increase further throughout the remainder of the year, thereby boosting profit margins, according to an expert.

Speaking to Bloomberg, Beijing-based Citic Securities chief analyst Yin Xiaodong predicted that China's economic rebound will continue to gather pace as 2010 progresses, forcing fuel demand up and having a knock-on impact on oil prices.

"The numbers look much better than we previously anticipated, as Sinopec took advantage of the demand recovery and higher prices. Fuel consumption is expected to keep rising in the second half, given the economic growth," he explained.

His comments came after Sinopec reported a 6.7 per cent increase in first-half profits due to a rise in consumption, fuelled by the continuing upturn in the nation's financial performance.

Last week, oil production cartel Opec predicted that the economic recovery will begin to pick up into 2011, keeping oil prices on a steady upward trend.

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Posted by Steve ClarkeADNFCR-2675-ID-800035029-ADNFCR

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Fuel card news: Chinese energy giant 'sees fuel consumption rise'