Sinopec’s business results in the first half of 2023 saw its interim profit decline by 20.1% year on year, due to lower crude oil prices.
The giant Chinese refining company recorded profits of 35.11 billion yuan (4.82 billion US dollars) in the first 6 months of this year (2023).
The company announced revenues of 1.59 trillion yuan ($218 billion) for the 6 months, down 1.1% from the level of the previous year (2022), according to Sinopec’s statement of business results, issued today, Sunday (August 27, 2023).
Capital expenditures reached 74.67 billion yuan ($10.24 billion) in the half year, compared to 64.65 billion yuan ($8.9 billion) in the previous year, according to figures monitored by the specialized energy platform.
Sinopec’s business results in the first half of 2023
The statement of Sinopec’s business results in the first half of 2023 indicated that the company processed a total of 126.54 million metric tons (923.7 million barrels) of crude oil during the first 6 months of the year, an increase of 4.8% compared to last year (2022).
Refined fuel sales rose 18.5% to 116.6 million tons (851.2 million barrels), according to Sinopec’s earnings statement, details of which were reviewed by the energy platform.
Sinopec produced 139.68 million barrels of crude oil during the 6 months, up 0.02% year on year; While its production of natural gas increased by 7.6% to 660.88 billion cubic feet.
The company stated that the refining margin amounted to 354 yuan ($48.57) per ton in the first half of this year (2023), down 33.6% from the previous year (2022).
Oil demand and supply in China
Domestic fuel demand continued to recover in the second quarter of 2023 after increasing by 6.7% year-on-year in the first 3 months, led by gasoline and jet fuel as travel increased.
However, demand for diesel fuel remained under pressure from the ailing real estate sector, and weak commodity exports curbed trucking, according to the agency. Reuters.
An oil refinery belonging to the Chinese company Sinopec – archives
Chinese refiners have generally benefited from cheap crude oil supplies from Iran, Venezuela and Russia; Western sanctions have forced these producers to sell oil at deep discounts to keep revenues flowing.
Traders said that although major state companies have shied away from Iranian and Venezuelan oil, Russian supplies are being received by Sinopec – the world’s largest refiner by capacity.
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2023-08-27 10:19:50
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