{"id":14744,"date":"2023-08-27T09:38:20","date_gmt":"2023-08-27T09:38:20","guid":{"rendered":"https:\/\/isafespend.com\/investing\/chinas-sinopecs-interim-profit-down-20-1-on-lower-oil-prices\/"},"modified":"2023-08-27T09:38:21","modified_gmt":"2023-08-27T09:38:21","slug":"chinas-sinopecs-interim-profit-down-20-1-on-lower-oil-prices","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=14744","title":{"rendered":"China’s Sinopec’s interim profit down 20.1% on lower oil prices"},"content":{"rendered":"
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\u00a9 Reuters. The logo of China Petroleum & Chemical Corporation, or Sinopec, is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS\/Chris Helgren<\/span>
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(Reuters) – Chinese refining giant Sinopec (OTC:) Corp reported on Sunday a 20.1% fall in interim net profit for the first half of the year compared with the year-ago period, to 35.11 billion yuan ($4.82 billion), on lower crude prices despite higher refinery output and growth in fuel sales.<\/p>\n

Sinopec, the world’s largest refiner by capacity, reported revenues of 1.59 trillion yuan for the six months, down 1.1% from the year earlier level.<\/p>\n

During the period, Sinopec processed a total of 126.54 million metric tons of , up 4.8% versus a year ago, and its refined fuel sales rose 18.5%, to 116.6 million tons, the company said in a stock filing.<\/p>\n

Domestic fuel demand extended recovery in the second quarter after a 6.7% year-on-year increase in the first three months, led by gasoline and aviation fuel as people travelled more.<\/p>\n

Demand for diesel fuel, however, remained under pressure from an ailing property sector and as weakening merchandise exports curbed trucking.<\/p>\n

Chinese refiners overall benefited from cheap crude oil supplies from Iran, Venezuela and Russia, as Western sanctions forced those producers to sell oil at deep discounts to keep revenue flowing. <\/p>\n

Although state majors have shied away from Iranian and Venezuelan oil, Sinopec has been taking in Russian supplies, traders have said. <\/p>\n

Sinopec produced 139.68 million barrels of crude oil during the six months, up 0.02% year on year, while its output gained 7.6% to 660.88 billion cubic feet.<\/p>\n

The company’s refining margin was 354 yuan ($48.57) per ton in the first half of this year, down 33.6% from a year earlier, it said. <\/p>\n

Capital expenditure for the half-year came in at 74.67 billion yuan, versus 64.65 billion yuan a year earlier.<\/p>\n

Sinopec has been stepping up exploring geologically more challenging reserves, like the Bazhong tight gas field and more shale gas acreage in Sichuan. <\/p>\n

Its Hong Kong-listed shares have risen 14.4% year-to-date, outperforming which has fallen 10.9% during the period. <\/p>\n

($1 = 7.2890 renminbi) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. The logo of China Petroleum & Chemical Corporation, or Sinopec, is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS\/Chris Helgren (Reuters) – Chinese refining giant Sinopec (OTC:) Corp reported on Sunday a 20.1% fall in interim net profit for the first half of the<\/p>\n","protected":false},"author":1,"featured_media":14745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-14744","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nChina's Sinopec's interim profit down 20.1% on lower oil prices | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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