Comparative Analysis of the Financial Situation in the Oil and Gas Industry in Russia and China in the Context of the COVID-19 Pandemic

Abstract

With the novel coronavirus (COVID-19) wreaking havoc around the world in 2020. It led to a heavy blow to the performance of representative enterprises in the energy, aviation and other industries. Resulting in a linkage effect that led to a sharp reduction in the demand for oil and gas resources, which is the lifeblood of industrial development, and more significant uncertainty in enterprise operations. In this paper. The financial statements of CNPC and LUKOIL for the first half of 2020 are the research subjects, descriptive and comparative analysis methods are used to compare and evaluate the financial situation of the enterprises. And from this, we speculate on the financial status of the Russian and Chinese oil and gas industry. To cope with the global economic crisis and adjust development strategies providing decision-making reference.