{"id":7236,"date":"2023-08-27T12:39:01","date_gmt":"2023-08-27T12:39:01","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=7236"},"modified":"2023-08-27T12:39:01","modified_gmt":"2023-08-27T12:39:01","slug":"chinas-sinopecs-interim-profit-down-20-1-on-lower-oil-prices","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/7236\/","title":{"rendered":"China&#8217;s Sinopec&#8217;s interim profit down 20.1% on lower oil prices"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Chinese refining giant Sinopec Corp reported on Sunday a 20.1% fall in interim net profit for the first half of the year compared with the year-ago period, to 35.11 billion yuan ($4.82 billion), on lower crude prices despite higher refinery output and growth in fuel sales.<\/p>\n\n\n\n<p>Sinopec, the world&#8217;s largest refiner by capacity, reported revenues of 1.59 trillion yuan for the six months, down 1.1% from the year earlier level.<\/p>\n\n\n\n<p>During the period, Sinopec processed a total of 126.54 million metric tons of crude oil, up 4.8% versus a year ago, and its refined fuel sales rose 18.5%, to 116.6 million tons, the company said in a stock filing.<\/p>\n\n\n\n<p>Domestic fuel demand extended recovery in the second quarter after a 6.7% year-on-year increase in the first three months, led by gasoline and aviation fuel as people travelled more.<\/p>\n\n\n\n<p>Demand for\u00a0diesel\u00a0fuel, however, remained under pressure from an ailing property sector and as weakening merchandise exports curbed trucking.<\/p>\n\n\n\n<p>Chinese refiners overall benefited from cheap crude oil supplies from Iran, Venezuela and Russia, as Western sanctions forced those producers to sell oil at deep discounts to keep revenue flowing.<\/p>\n\n\n\n<p>Although state majors have shied away from Iranian and Venezuelan oil, Sinopec has been taking in Russian supplies, traders have said.<\/p>\n\n\n\n<p>Sinopec produced 139.68 million barrels of crude oil during the six months, up 0.02% year on year, while its natural gas output gained 7.6% to 660.88 billion cubic feet.<\/p>\n\n\n\n<p>The company&#8217;s refining margin was 354 yuan ($48.57) per ton in the first half of this year, down 33.6% from a year earlier, it said.<\/p>\n\n\n\n<p>Capital expenditure for the half-year came in at 74.67 billion yuan, versus 64.65 billion yuan a year earlier.<\/p>\n\n\n\n<p>Sinopec has been stepping up exploring geologically more challenging reserves, like the\u00a0Bazhong\u00a0tight gas field and more\u00a0shale gas acreage in Sichuan.<\/p>\n\n\n\n<p>Its Hong Kong-listed shares have risen 14.4% year-to-date, outperforming Hang Seng Index\u00a0which has fallen 10.9% during the period.<\/p>\n\n\n\n<p>($1 = 7.2890 Chinese yuan renminbi)<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-08-27T12:39:01+00:00\"> 27 August 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Chinese refining giant Sinopec Corp reported on Sunday a 20.1% fall in interim net profit for the first half of the year compared with the year-ago period, to 35.11 billion yuan ($4.82 billion), on lower crude prices despite higher refinery output and growth in fuel sales. Sinopec, the world&#8217;s largest [&hellip;]","protected":false},"author":1,"featured_media":7237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-7236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-topnews"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/7236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=7236"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/7236\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/7237"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=7236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=7236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=7236"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=7236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}