Sinopec net profit dips over 20%
CHINESE oil giant Sinopec, Asia’s biggest refiner, saw its first-half net profits drop 21.6 percent, it said, hit by low oil prices.
The company made 19.92 billion yuan (US$2.98 billion) in the January -to-June period, compared with 25.42 billion yuan in the same period last year, it said in a statement.
“In the first half of 2016, international crude prices recorded a sharp decline from prices in the first half of 2015, and bottomed out during the period,” the oil giant said.
The sharp decline in oil prices overshadowed a rise in domestic demand, it added, with domestic consumption of oil products up by 4.4pc in the period.
China’s biggest oil producer Petro China said last week net profit plunged 97.9pc year-on-year in the first half, to 531 million yuan.
The country’s main offshore oil and gas producer CNOOC reported a net loss of 7.74 billion yuan in the first six months of the year. –