China’s state oil major Sinopec reported a net profit of almost $7 billion for 2024, which represented a 16.8% decline on the year, attributed to lower oil prices and electric cars. “In 2024, international crude oil prices fluctuated downward, the domestic transportation industry accelerated the replacement of new energy ... (and) gross profit margin was significantly narrowed,” SInpec said in a filing with the Hong Kong Stock Exchange. “The company made every effort to expand the market and sales ... (and) continues to…
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