中国国有石油巨头利润改善，有望助力其满足北京对能源安全的要求。
Improved profits at China’s state-owned oil majors are likely to help them deliver on Beijing’s demands for energy security.
本周发布的第三季度财报显示，中国石油天然气股份有限公司（PetroChina Co.）和中国石油化工股份有限公司（Sinopec）因波斯湾战争推高油价而获益。增幅主要由上游业务驱动，尽管中国运输燃料需求大幅下滑，下游业务表现依然稳健。海上油气专家中国海洋石油有限公司（Cnooc Ltd.）将于周五晚些时候发布财报。
Third-quarter earnings this week show PetroChina Co. and Sinopec reaping the rewards of higher oil prices caused by war in the Persian Gulf. The gains were mostly driven by upstream operations, although downstream businesses held up well despite China’s cratering demand for transport fuels. Offshore specialist Cnooc Ltd. reports later Friday.
本月初，政府制定了未来十年提升能源安全的关键任务。在与国家能源局及其他机构的会议上，这三大巨头提交了增加油气储备和产量的计划。
Earlier this month, the government laid out key tasks for boosting energy security over the next decade. At a meeting with the National Energy Administration and other agencies, the three majors gave their plans for raising oil and gas reserves and output.
供应中断的威胁正迫使中国石油公司摆脱守势姿态。经济疲软和化石燃料转型曾让行业处于劣势，尤其是作为国内最大炼油商的中国石化。
The threat of supply disruptions is jolting China’s oil companies out of a defensive crouch. A tepid economy and the transition from fossil fuels had put the industry on the back foot, particularly at Sinopec, the country’s biggest refiner.
但中国仍是全球最大能源消费国，在中东长期动荡后，商业储备亟需补充。当霍尔木兹海峡等贸易咽喉如此易于被利用时，本地生产的油气显得格外珍贵。
But China remains the world’s biggest energy consumer, and commercial stockpiles need topping up after prolonged disruptions in the Middle East. Oil and gas produced locally is at a premium when choke-points to trade like the Strait of Hormuz are so easily exploited.
目前中国所需天然气约40%依赖进口。石油形势更不乐观，海外进口约占70%。
The country currently imports about 40% of the natural gas it needs. The situation is less favorable for oil, with overseas shipments accounting for about 70%.
据杰富瑞金融集团（Jefferies Financial Group）周四与高管沟通后发布的研报，作为最大生产商的中国石油“持续强调增储上产”。报告称，该公司计划到2030年，将国内勘探年支出维持在400亿元人民币（约合60亿美元）以上。
PetroChina, the biggest producer, showed “continued emphasis on increasing reserves and production,” according to a note from Jefferies Financial Group after a briefing with executives on Thursday. The company aims to maintain annual spending on domestic exploration at more than 40 billion yuan ($6 billion) through 2030, they said.
目前，下游形势已有所好转。首先，随着中国消化了过剩产能，石化产品变得更有利可图。尽管国内燃油利润率依然不稳，但北京似乎愿意保持出口渠道畅通，以便炼厂在别处获取更好的回报。
For now, the downstream picture has brightened. For one, petrochemicals have become more profitable as China has run down its surplus. And while domestic fuel margins remain shaky, Beijing seems willing to keep export channels open to allow refiners to capture better returns elsewhere.
据花旗集团称，中国石化第三季度出口利润率达到每桶65美元，而国内汽柴油利润率仅为每桶10至25美元。
Sinopec’s export margins in the third quarter reached $65 a barrel compared to $10-$25 on domestic gasoline and diesel, according to Citigroup Inc.