Profits boost for Sinopec

Sinopec29 October 2013, News Wires – Chinese upstream-to-refining giant Sinopec boosted profits significantly in the third quarter, aided by an improved pricing mechanism for oil products, although its exploration and production business was hit by lower oil prices.

The company, led by president Fu Chengyu, reported quarterly net profit of 22.18 billion yuan ($3.6 billion), up 63.3% compared with the previous quarter, while profit for the first nine months of 51.6 billion yuan was 23% higher than the same period of last year.

Operating income for the first nine months was up 5.7% year on year at 2140 billion yuan, while overall operating profit rose 25.8% to 74.71 billion yuan.

However, the E&P division’s operating profit for the nine-month period was down 15.5% on the previous year, despite a 4% increase in oil and gas output to 330.8 million barrels of oil equivalent, due to the drop in international crude prices

– Upstream

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