News Column

Sinopec Oil Refining Profits Rose in H1

August 25, 2014

SHANGHAI, August 25, SinoCast -- Sinopec Corporation posts that profits of oil refining business expanded by CNY 9.5 billion in the first half of the year, and profits of sales business under restructuring also rose 11.5%. Oil and gas output of exploration and exploitation business rose but profits were down. Chemical business incurred CNY 4 billion losses.

The company's oil and gas equivalent output was 237.01 million barrels in the first half. In detail, crude oil output and natural gas output were 177.88 million barrels and 354.8 billion cubic meters, up 7.52% and 9.46% year on year. One-day gas output of Fuling shale gas project reached 3.2 million cubic meters by June end. However, the exploration and exploitation operating profits were down 8.7% to CNY 28.3 billion as crude price fell.

Benefiting from product structure adjustment and high-quality oil output increase, Sinopec's oil refining operating profits were CNY 9.8 billion, compared with CNY 300 million in the period last year; gross profits of the refing business were up 43.4%.

The chemical business suffered CNY 4 billion losses due to brutal competitions and chemical product price decline; the losses were CNY 400 million in the period 2013 and CNY 1.2 billion in the period 2012.

The sales business gained CNY 18.8 billion operating profits, up 11.5%. Of the total, non-oil product turnover was up 10% to CNY 7.19 billion.

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Source: Sinocast Energy Beat (China)

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