A Review of the Nigerian Energy Industry

Sinopec records improved first quarter profits

Sinopec25 April 2013, London – China’s Sinopec, Asia’s largest refiner, posted a 25% rise in first-quarter profit as improved refining margins offset lower profits from exploration and production.

Reuters reported that the company posted a net profit of 16.7 billion yuan ($2.7 billion) versus 13.4 billion yuan a year earlier, under international accounting standards, the news wire cited the Beijing-based company said on Thursday.

Under Chinese accounting standards, the net totalled 15.8 billion yuan versus 12.8 billion yuan a year earlier, Reuters reported.

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