SINGAPORE : China Petroleum & Chemical Corp reported an 11.8 per cent fall in first-quarter net income, hit by lower crude oil prices, though refined fuel sales improved after Beijing removed COVID-19 controls. Asia's top oil refiner, also known as Sinopec, reported 20.1 billion yuan ($2.90 billion) net p
SINGAPORE : China Petroleum & Chemical Corp reported an 11.8 per cent fall in first-quarter net income, hit by lower crude oil prices, though refined fuel sales improved after Beijing removed COVID-19 controls.
Refinery throughput slipped 3 per cent from a year ago to 62.24 million tonnes, or about 5.05 million barrels per day , with gasoline output falling 8 per cent year on year and diesel down 0.9 per cent, the company said. The company's petrochemicals arm, however, remained in the doldrums with ethylene production down 7.2 per cent on the year. The division reported a 3.02 billion yuan loss before tax and interest.
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