Profits up at China's Sinopec

Asia's largest oil and gas refiner has announced it is to develop its shale gas business along with net profits of 66.1 billion yuan for 2013.

Profits up at China's Sinopec

World Bulletin / News Desk

China Petroleum & Chemical Corp., Sinopec's official name, has reported a net profit of 66.1 billion yuan (US$10.6 billion) for 2013, an increase of 3.4 percent on 2012.

Asia's biggest refiner said its oil and natural gas production rose 3.5 percent in 2013 to 443 million barrels of oil and its gas output increased by 10 percent on its 2012 levels. However, the company's profit from its oil business has shrunk by 23 percent to 54.8 billion yuan (US$8.85 billion) due to a 7 percent drop globally in raw petroleum prices.

The state-run company has also said it is to put more into the development of its shale gas business over the course of this year and aims to complete the estimated US$20 billion sale of 30 percent of its oil retail business, including its petrol stations' pipelines and storage facilities, to private investors before the end of the year.

Sinopec had unveiled these restructuring plans back in February which are in line with China’s economic reforms that aim to open up state-controlled industries to private investors allowing them to integrate with global markets. 

Last Mod: 24 Mart 2014, 12:12
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