China Petroleum and Chemical Corporation (Sinopec Corp) is expecting a loss in its August chemical production after reporting huge refining losses.
Soaring naphtha prices and fierce market competition were behind the loss, an insider with the Sinopec Group, parent of Sinopec Corp, told Xinhua on Monday.
The company reaped little profit from its July chemical production, which [...]
China Petroleum and Chemical Corporation (Sinopec Corp) is expecting a loss in its August chemical production after reporting huge refining losses.
Soaring naphtha prices and fierce market competition were behind the loss, an insider with the Sinopec Group, parent of Sinopec Corp, told Xinhua on Monday.
The company reaped little profit from its July chemical production, which [...]
China’s state-owned oil companies are likely to stop imports of refined products such as diesel and petrol next month after a nine-month buying spree that has left stockpiles overflowing, one of Asia’s largest refiners said.
“Since China started whipping up imports in November last year, 25 per cent to a third of our diesel exports have [...]
China Petroleum & Chemical Corp., Asia’s biggest oil refiner, said first-half profit fell 77 percent because government caps on fuel prices prevented the company from passing on higher raw-material costs to consumers.
Net income declined to 8.26 billion yuan (US$1.2 billion), or 0.064 yuan a share, in the six months ended June 30, from 36.4 billion [...]
Sinopec, Asia’s largest oil refiner, announced on Friday that its net profits in the first half year plummeted 77.3% to RMB 8.255 billion (HK$9.5 billion) from RMB 36.38 billion in the same period last year, citing international accounting standards.
The company attributed the dive in net profits to significant refining losses caused by soaring international crude [...]
Cnooc Ltd.’s first-half profit growth may be double that of Exxon Mobil Corp. and Royal Dutch Shell Plc after China’s third-largest oil company increased its crude reserves and output amid record prices.
Net income probably climbed 52 percent to 22.1 billion yuan ($3.2 billion), according to the median estimate of five analysts surveyed by Bloomberg News. [...]
