【出版时间及名称】：2009年12月中国石油天然气行业研究报告
        【作者】：星展银行
        【文件格式】：PDF
        【页数】：39
        【目录或简介】：
Table of Contents
Investment Summary 3
Crude price resumes uptrend 4
Dubai World's debt crisis has limited impact 4
Normalized oil demand from 2010 onwards 5
Other factors supporting stronger crude price 7
Recovery in Exploration & Production EBIT 11
Natural gas price reform is around the corner 12
Risk of higher natural resource tax next year 13
Looming over-capacity risk in petrochemical industry 14
Refining margins should remain at US$4-5 a barrel in 2010 16
Earnings forecasts 17
Sector performance and valuation 19
Stock Profiles
CNOOC 32
PetroChina 34
Sinopec Corporation 36