China's NOCs start to feel the pinch

The country’s oil giants aren’t in the rosiest financial health, but remain ready to scoop up assets elsewhere

The latest numbers from China’s national oil companies (NOCs) signal more pain ahead as they grapple with an international oil-price slump at the same time as demand softens for their product at home. But their appetite for foreign acquisitions lingers on. China’s big oil companies may all ultimately be controlled by the government and have the same goals – to produce or buy enough oil and gas to feed China’s economy while turning a healthy profit to keep investors happy – but they’re far from equal.  While the big two oil companies – China National Petroleum Corporation (CNPC) and China Petroleum and Chemical Corporation (Sinopec) – saw their profits significantly dented last year, China Na