August 29, 2022 [Market Watch] – China Petroleum & Chemical Corp.’s net profit for the first half of the year rose 10% compared with the same period a year earlier, mainly due to significant improvement in its upstream business.
The Chinese oil major, better known as Sinopec, said on Sunday that its first-half net profit increased to 43.53 billion yuan ($6.33 billion) while total revenue rose 28% on year to CNY1.58 trillion on higher prices of major refined oil and chemical products, and the increased sales volumes for some petroleum and petrochemical products.
Operating costs rose over 33% on year to CNY1.33 trillion due to higher purchase costs for outsourced crude oil and other raw materials.
Sinopec said it plans to spend CNY133.35 billion on capital expenditure in the second half, of which nearly half will be spent on the exploration & production segment.
“Taking into account the comprehensive impact of geopolitics and changes in global supply and demand, international crude oil prices are expected to remain high and volatile,” it said.
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