日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Companies

Sinopec posts record profit on crude rebound

By Zheng Xin | China Daily | Updated: 2018-08-29 09:22
Share
Share - WeChat
Sinopec employees work on a gas storage facility in Puyang county, Henan province. [Photo by Hu Qingming / For China Daily]

China Petroleum and Chemical Corp, the world's largest refiner by capacity, reported its best half-yearly profits since listing 18 years ago, on better refining profits and a rebound in crude oil prices.

Known as Sinopec, the company's operating profit for the first six months of the year stood at 67.9 billion yuan ($9.98 billion), up 51.3 percent year-on-year. Its revenue rose 11.5 percent year on year to 1.3 trillion yuan. The gains came amid higher crude prices, rising natural gas production and stronger fuel margins.

Higher oil prices also contributed to the growth, with international oil prices surging despite fluctuations in the first six months, with the spot price of Brent crude oil surging 36.2 percent year-year-on to $70.55 per barrel.

According to Li Li, energy research director at market consultancy ICIS China, the rise in crude prices is in general beneficial for refining firms, while Sinopec's market share, cost control and pricing mechanism have contributed to the better performance.

Wang Lu, an Asia-Pacific oil and gas analyst at Bloomberg Intelligence, said Sinopec's revenue, earnings before interest and taxes, and net income may continue to improve in the second half on an annual basis, albeit at a slower rate than in the previous six months after earnings in the first half rose 51.8 percent to 42.4 billion yuan.

"Its exploration and production EBIT may be positive in the second half of this year as oil prices could exceed the company's upstream break-even hurdle of $69-70 a barrel," she said.

"Inventory gains, which contributed 17 percent of Sinopec's refining EBIT in the first half, may be limited in the second half, and Sinopec's oil production may decline 1.4 percent this year while gas output will likely increase 6.7 percent to meet surging Chinese demand."

The company's gas production in the exploration and production segment and nonfuel business in the marketing unit should also post the fastest growth in the second half, she added.

Sinopec said it expects increasing domestic demand for refined oil products and petrochemical products in the second half of the year. Demand for natural gas is also expected to rise rapidly amid the country's energy structure adjustment, it said.

It also warned that processing rates for crude may stay flat in the second half of 2018, amid an oversupply of refined fuels.

Oil major China National Offshore Oil Corp had earlier reported its best profits since 2015, while China's largest oil producer China National Petroleum Corp will publish its results on Aug 30.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 亚洲欧洲视频 | 精品国产一区二区三区久久影院 | 亚洲一区二区三区免费在线观看 | 亚洲欧美在线播放 | 人人香蕉 | 艳妇荡乳豪妇荡淫 | 亚洲人成网站999久久久综合 | 国产高清视频 | 96精品专区国产在线观看高清 | 久草网站在线 | 良妾很能生 | 国产精品久久久久影院色老大 | 丁香婷婷成人 | 一级毛片免费在线播放 | 天天色综合3| 色宅男看片午夜大片免费看 | 欧洲色综合| 特黄特色大片免费高清视频 | 国产福利在线永久视频 | 色综合久久天天综合网 | 色聚网久久综合 | 日日干狠狠干 | 天天干影院 | 日本妇人成熟A片一区-老狼 | 小明永久视频免费播放 | 杏导航aⅴ福利网站 | 亚洲国产精品久久久久久网站 | 国产精品第1页在线播放 | 久久狠狠一本精品综合网 | 久草国产视频 | 精品视频免费观看 | aaa在线观看 | 夜夜夜久久久 | 91免费视频网站 | 一区二区日韩精品 | 26uuu欧美视频在线观看 | 99久久人妻无码精品系列性欧美 | 久草在线观看福利视频 | 免费一级片 | 中国一级特黄真人毛片免费看 | 综合导航|