Chinese Oil Giant Sinopec Posts Lower-Than-Expected Profits In 2022 ...Middle East

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Chinese Oil Giant Sinopec Posts Lower-Than-Expected Profits In 2022
source : OILPRICE ( Middle East ) () 28
China’s state oil major Sinopec reported lower-than-expected net figures for 2022, citing the impact of Covid lockdowns that stifled China’s economy last year. The company reported a net profit of around $9.64 billion, or 66.2 billion yuan, for 2022, which compared with a record result of $10.47 billion, or 72 billion yuan, a year earlier. The main impact on Sinopec’s performance came from lower fuel demand amid the lockdowns. At the same time, chemicals prices were down, affecting refiners’ performance. Sinopec booked a…

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