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China Petroleum and Chemical Corporation said (SinopecThe state-owned company said its net profit rose 11 percent year on year in the first half of the year to 44.5 billion yuan ($6.5 billion).
The company said that its production of oil and gas It rose by 2.9 percent, and diesel production increased by 7.4 percent, despite the Corona shutdowns in China, which led to a decline in domestic demand for fuel.
The capital expenditures of the refiner in the first half rose to 64.7 billion yuan, compared to 57.9 billion yuan in the same period last year. The company is targeting a massive increase in spending in the second half of the year of 133.4 billion yuan.
The strong profits you have achieved "Sinopec"In the footsteps of the two giant state-owned oil companies, too "PetroChina"And"Konok"These companies benefited from higher energy prices.
During the first half of this year, Brent crude prices rose by about 60 percent, on average, compared to the same period last year.
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China Petroleum and Chemical Corporation said (SinopecThe state-owned company said its net profit rose 11 percent year on year in the first half of the year to 44.5 billion yuan ($6.5 billion).
The company said that its production of oil and gas It rose by 2.9 percent, and diesel production increased by 7.4 percent, despite the Corona shutdowns in China, which led to a decline in domestic demand for fuel.
The capital expenditures of the refiner in the first half rose to 64.7 billion yuan, compared to 57.9 billion yuan in the same period last year. The company is targeting a massive increase in spending in the second half of the year of 133.4 billion yuan.
Sinopec’s strong profits follow in the footsteps of the two state-owned oil giants as well.PetroChinaand Konuk, as these companies benefited from higher energy prices.
During the first half of this year, Brent crude prices rose by about 60 percent, on average, compared to the same period last year.