Sinopec Nine Months Profit Up 11%

Sinopec’s net profit during the first three quarters of 2016 was yuan 30.107bn ($4.4bn), representing an increase of 11.2% on year as the refining segment showed a strong performance. 

In the first three quarters, refinery throughput and refined oil products production decreased by 1.72% and 1.04% year-on-year, respectively, among which gasoline was up 3.04%, jet fuel was up 4.28% and diesel was down 5.95% over the same period last year. Earnings before interest and tax of the refining segment was yuan 43.504bn, up 183.12% over the same period last year.

In the exploration and production segment oil and gas production of the company was 322.29mn boe, down 8.13% on year. Out of which crude oil output dropped by 12.58% from a year ago while natural gas output grew by 5.09%.  Sinopec made new discoveries in Tahe of the Xinjiang Autonomous Region, Beibu Gulf in Guangxi and Yin-E Basin in the Nei Mongol Autonomous Region and new natural gas findings in the west Sichuan and Erdos Basin. Phase two of shale gas development project in the Fuling shale gas field progressed well, the company added. 

Shardul Sharma