China’s Sinopec profits fall 9.4% to CNY18.3bn in third quarter

29 October 2012 03:56  [Source: ICIS news]

SINGAPORE (ICIS)--China’s largest refiner Sinopec said on Sunday that it has posted a 9.4% drop in third-quarter net profits to yuan (CNY) 18.3bn ($2.9bn) from CNY20.2bn a year ago, because of weak demand and firmer production costs.

The company’s net profits for the first three quarters of this year fell to CNY42.8bn, a 30.2% decline from the same period a year earlier, because of slowing demand for oil products and chemicals.

Sinopec produced a total of 7m tonnes of ethylene and 10m tonnes of synthetic resins between January and September, a year-on-year decline of 4.5% and 1.1% respectively. http://english.sinopec.com/index.shtml

The refiner’s oil and gas production for the first three quarters increased by 4.9% to 318m barrels of oil equivalent (boe), while its crude oil and natural gas prices were at $100.69/bbl and $5.77/thousand cubic feet respectively.

Sinopec processed 4.4m bbl/day of crude in January-September, an increase of 0.5% from a year ago. It sold 128.3m tonnes of oil products in the nine-month period ended September, up by 5.6% from a year earlier.

($1=CNY6.26)

By: Fanny Zhang
+65 6780 4359

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