Sinopec posts production increases

Sinopec, Ltd reports a 31% rise in exploration expenses.

Sinopec or China Petroleum & Chemical Corporation reported US$1.9 billion in exploration expenses for the first nine months, a 31% increase year-to-year. It said its exploration activities are focused on achieving growth in reserve and production volume and enhancing exploration in key areas.

Sinopec, the world’s sixth largest company, also reported more refinery throughput at 4.39 million barrels a day in the first nine months of the year, up slightly from 4.37 million a year earlier.

The company also said it has accelerated upgrading the quality of oil products, and adjusted its product mix to increase the output of gasoline and jet fuel.

Despite these activities, Sinopec said that its third-quarter net profit fell 9.4% year-on-year due to a lower contribution from its chemicals business.

Sinopec reported a net profit of US2.9 billion for the three months ended September 30, a US$303 million drop from US$3.2 billion in the same period last year.

Also Read

AMPIN Energy Transition achieves financial closure for 200MWp Rajasthan project

India’s solar scheme installs 385,000 units in first six months

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit