CHINA'S OIL INVESTMENT $74 BLN
NAR - China's three state-owned oil companies are boosting domestic and overseas investment with the aim of increasing crude oil and natural gas output.
Total investment by the three companies is expected to rise nearly 20% in the fiscal year through December 2019, and is likely to reach 500 billion yuan ($74.4 billion) for the first time in five years.
Average crude oil prices rose to $68 from $50 per barrel in fiscal 2018. That has lifted the earnings of the Chinese companies,…
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