Sinopec Posts $6 Billion In Half-Year Profit As Oil Recovers

Sinopec Posts $6 Billion In Half-Year Profit As Oil Recovers

China Petroleum & Chemical Corp. (Sinopec) announced Sunday that it achieved a net profit of 39.15 billion yuan ($6.05 billion) in the first 6 months of this year .

China- Sinopec, Asia’s largest oil refiner, suffered losses of 23 billion yuan in the first half of last year, as demand for fuel was affected by the Corona virus pandemic and the collapse of oil prices.

Revenues in the first half of the year rose 22.1 percent from a low of 1.26 trillion yuan, following improved global oil prices and strong demand for fuel and petrochemical products.

During the first half, The Company processed 126.11 million tons of crude, up 13.7 percent from a year ago, and gasoline production increased 20.8 percent as China recovered from the COVID-19 shock.

Sinopec produced 138.15 million barrels of crude oil, down 1.5 percent year on year, while its natural gas production increased 13.7 percent to 582.6 billion cubic feet.