Sinopec Q3 Profit Rises 13%
Sinopec October 30 said net profit during the third quarter that ended September 30 rose 13% year on year to yuan 11.3bn ($1.7bn) from yuan 9.9bn.
For the first nine months of the year, net income jumped 32% year on year to yuan 38.4bn.
Oil and gas production during the nine months was 332.63mn barrels of oil equivalent, down by 3.2% over the same period last year, of which crude oil production dropped by 4% to 220mn barrels while natural gas grew by 21% to 674bn ft3.
Capital expenditures for the exploration and production segment were yuan 10.9bn, mainly for Fuling shale gas and Hangjinqi natural gas capacity construction, Shengli oilfield and Xibei oilfield crude oil capacity construction, Guangxi LNG terminal project, Tianjin LNG terminal project, the Wen-23 gas storage project, boosting project of Sichuan-to-East China pipeline as well as overseas projects, Sinopec said.
The company proactively promoted its natural gas vehicle (NGV) supply business, expediting the construction and operation of compressed natural gas (CNG) and LNG filling stations. Gas sales volume to NGVs increased by 32.9% over the same period last year.
Shardul Sharma