china oil giant sinopec net profit dives over 20
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

China oil giant Sinopec net profit dives over 20%

Egypt Today, egypt today

Egypt Today, egypt today China oil giant Sinopec net profit dives over 20%

Chinese oil giant Sinopec, Asia's biggest refiner
Shanghai - AFP

Chinese oil giant Sinopec, Asia's biggest refiner, saw its first half net profits drop 21.6 percent, it said, hit by low oil prices.

The company made 19.92 billion yuan ($2.98 billion) in the January to June period, compared with 25.42 billion yuan in the same period last year, according to a statement to the Hong Kong stock exchange, where it is listed.

"In the first half of 2016, international crude prices recorded a sharp decline from prices in the first half of 2015, and bottomed out during the period," the oil giant said in the statement late Sunday.

The sharp decline in oil prices overshadowed a rise in domestic demand, it added, with domestic consumption of oil products up by 4.4 percent in the period.

Investors were disappointed with the results. On Monday morning, Sinopec shares fell 1.07 percent in Hong Kong and were 0.20 percent lower in Shanghai, where it is also listed.

The decline in oil prices has also hit China’s two other major producers.

China’s biggest oil producer PetroChina said last week net profit plunged 97.9 percent year-on-year in the first half, to 531 million yuan.

The country’s main offshore oil and gas producer CNOOC reported a net loss of 7.74 billion yuan in the first six months of the year.

 

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china oil giant sinopec net profit dives over 20 china oil giant sinopec net profit dives over 20



GMT 09:51 2016 Tuesday ,29 March

Back to drawing board for new father Murray

GMT 09:17 2017 Monday ,13 February

RAK police seek help to locate missing girl

GMT 21:52 2011 Monday ,08 August

Leverkusen\'s Giefer hospitalised

GMT 23:05 2017 Wednesday ,25 January

Millions travel for China’s Lunar New Year festival

GMT 23:06 2017 Tuesday ,24 January

Pakistan military tests nuclear-capable missile

GMT 11:34 2017 Tuesday ,14 February

Artist makes NY fashion week debut on a bus

GMT 14:35 2018 Monday ,22 January

Azza Fahmy Jewellery announces UK store launch

GMT 07:41 2014 Wednesday ,19 March

Nail brand The Lacquer Lab launches

GMT 15:19 2011 Tuesday ,02 August

Orwellian Barton forced to train alone by Newcastle

GMT 12:25 2016 Wednesday ,14 December

Evaluation of Participating Companies Goes in Full Swing

GMT 13:37 2017 Monday ,25 December

Abducted Yemenis kept in chains in Houthi jails
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday