China’s Biggest Refiner Sees Profits Drop Amid Weak Fuel Demand ...Middle East

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China’s Biggest Refiner Sees Profits Drop Amid Weak Fuel Demand
source : OILPRICE ( Middle East ) () 42
Sinopec, the biggest refiner in China and Asia, has suffered from the Covid lockdowns and weaker Chinese fuel demand this year as its January-September net profit dropped by 5.6% compared to the same period of last year. Sinopec’s net profit declined to $7.8 billion (56.66 billion Chinese yuan) in the nine months to September, according to a stock exchange filing, as demand was slack while operating costs jumped with high energy prices and high crude oil prices. Revenues, however, increased by 23% to $338 billion (2.45 trillion yuan) between…

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