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Sinopec H1 results reflect slowdowns

July 23rd, 2012 | Global Times

Sinopec Corp said its crude throughput in the first half of 2012 rose 1.13 percent over a year earlier, easing from a 3 percent expansion in 2011, according to a company statement issued over the weekend.

Output of ethylene, a building block for petrochemicals such as plastics, rubber and chemical fibre, slipped 4.1 percent in the period, compared to a 9.2 percent growth for the whole of 2011, said the statement.

The figures offer fresh evidence that demand in the world’s second largest energy user was waning in tandem with a slowing economy.

The refiner, Asia’s largest, processed 4.43 million barrels of crude per day in the January to June period, or a meagre 26,000 bpd increase over the same period a year ago.

Sinopec, due to announce its second-quarter earnings in August, reported its first-quarter profit fell by a worse-than-expected 35 percent.

Other Articles:

  1. Sinopec results sink shares before 2% gain
  2. Sinopec Q1 net profits slump 65.78%
  3. Sinopec Shanghai to suffer loss for 2008
  4. Sinopec deals to boost sales
  5. Sinopec expects reduced subsidy
  6. Reserves, losses piling up for Sinopec
  7. Sinopec expects H1 profit to fall 50%
  8. Sinopec processes 6.3% more crude oil
  9. Sinopec to halt oil products exports, raise output
  10. Sinopec 1H net profit drops 73.4%
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Category: China Oil Monitor