Chinese oil giant reports sharp dip in first quarter profits
China's largest oil refiner, Sinopec, has reported a sharp drop of 65.78 per cent in its net profits in the first quarter over the corresponding period of last year.
By PTI |
BEIJING: China's largest oil refiner, Sinopec, has reported a sharp drop of 65.78 per cent in its net profits in the first quarter over the corresponding period of last year.
China Petroleum and Chemical Corporation (Sinopec) could still post 6.7 billion Yuan net profit as the government pumped in 7.4 billion Yuan in subsidy to help the firm offset its loss in the oil refining sector.
China is keeping the domestic price for refined oil products lower despite the soaring international crude oil price.
Sinopec said a major reason for the sharp drop in its profit was that the domestic price for its refined oil products were kept low, although the internal oil price rose to nearly USD 120 per barrel in the first quarter.
Sinopec's income from operations was 332 billion Yuan, a 20 per cent rise over the same period last year.
Its crude oil output reached 10.33 million tones in the first three months, a 3.39 per cent rise from the same period of last year. It produced 2.06 billion cubic feet of natural gas, a 3.06 per cent rise year on year, official Xinhua news agency said
China Petroleum and Chemical Corporation (Sinopec) could still post 6.7 billion Yuan net profit as the government pumped in 7.4 billion Yuan in subsidy to help the firm offset its loss in the oil refining sector.
China is keeping the domestic price for refined oil products lower despite the soaring international crude oil price.
Sinopec said a major reason for the sharp drop in its profit was that the domestic price for its refined oil products were kept low, although the internal oil price rose to nearly USD 120 per barrel in the first quarter.
Sinopec's income from operations was 332 billion Yuan, a 20 per cent rise over the same period last year.
Its crude oil output reached 10.33 million tones in the first three months, a 3.39 per cent rise from the same period of last year. It produced 2.06 billion cubic feet of natural gas, a 3.06 per cent rise year on year, official Xinhua news agency said
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