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在线翻译:
szdaily -> Markets
Oil prices lift profit at Sinopec by 40%
    2017-August-29  08:53    Shenzhen Daily

SINOPEC Corp., Asia’s biggest oil refiner, yesterday said its first-half net profit jumped more than 40.1 percent thanks to a rise in oil prices and stable growth in China’s economy, which fueled demand for its refined products.

Sinopec, the listed unit of China Petrochemical Corp., saw net profit surge to 27.92 billion yuan (US$4.2 billion) in the January-June period, up from 19.92 billion yuan in the year-earlier period.

A pick-up in international oil prices boosted Sinopec’s crude business, while domestic consumption of its key refined oil products rose and demand for major chemical products grew significantly, it said.

China registered stronger-than-expected economic growth in the first half, expanding 6.9 percent in both the first and second quarters.

World oil prices have firmed up but remain half of what they were before a 2014 plunge fueled by a supply glut, overproduction and a weak global economy.

Sinopec said strong economic growth will continue to drive demand for its products in the second half and create new growth opportunities.

It said it would keep its output rates stable even as it expects fuel sales to drop in the second half compared with the January-June period, a move that could add to a domestic glut of gasoline and diesel.

The firm expected to sell 87.78 million tons of oil products in the second half of this year, down from 98.55 million tons in the first half. The company sees crude oil processing rates stable in the second half at 118 million tons, or 4.79 million barrels per day.

Last week, PetroChina Co. said its net profit skyrocketed more than 2,000 percent in the first half and announced it would give the entire windfall to shareholders via a cash dividend. (SD-Agencies)

 

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