Sinopec’s interim profit soars on stronger oil, gas prices

A pumpjack is seen on the Sinopec-operated Shengli oil discipline in Dongying, Shandong province, China January 12, 2017. Image taken January 12, 2017. REUTERS/Chen Aizhu/File Picture

Aug 28 (Reuters) – China Petroleum and Chemical Corp, or Sinopec Corp , reported interim web earnings surged 10.4% to a document 43.53 billion yuan ($6.33 billion), due to robust oil and gasoline costs regardless of weakened home gas gross sales.

Sinopec, the world’s largest refiner by capability, reported revenues of 1.61 trillion yuan for the six months, up 27.9% from yr earlier ranges.

Home friends PetroChina and CNOOC Ltd (0883.HK). learn extra have all reported document interim earnings.

Through the interval, Sinopec processed a complete of 120.76 million tonnes of crude oil, down 4.2% versus a yr in the past, and its refined gas gross sales fell 9.8% to 98.42 million tonnes, the corporate stated in a inventory submitting.

Strict COVID-19 restrictions and gas export curbs dampened manufacturing led to first annual decline in refnery output in China since at 2011.

Sinopec produced 139.65 million barrels of crude oil throughout th six months, up 1.1%, whereas its pure gasoline output gained 5.4% to 613.92 billion cubic toes.

Capital expenditure for the half-year got here in at 64.65 billion yuan, versus 57.94 billion yuan a yr earlier.

($1 = 6.8715 Chinese language yuan renminbi)

Reporting by Kevin Yao; Enhancing by Simon Cameron-Moore

: .