On Sunday, China Petroleum & Chemical Corp. (Sinopec) announced the net profit it gained in the first half of 2021 at CNY39.15 billion (USD6.05 billion, rebounding annually under the support of the renewed fuel demand and a rebound in oil prices.
The reading even exceeded the reading from the corresponding time of 2019 prior to the pandemic of CNY31.3 billion (USD4.8 billion) and is way higher compared to the CNY23 billion (USD3.5 billion) loss in the first half of 2020.
Sinopec’s revenue jumped by 22.1% year-on-year to CNY1.26 trillion (USD194.7 billion) in the January-June period. Capital expenditure (Capex) amounted to 35% of the full-year investment plan of CNY167.2 billion (USD25.8 billion).
The company processed a total of 126.11 million tonnes of crude oil, up by 13.7% annually. Gasoline production soared by 20.8% yearly. It produced 138.15 million barrels of crude oil, a loss of 1.5% year-on-year.
Natural gas production jumped by 13.7% to 582.6 bcf.
Production of ethylene also rose by 11.9% year-on-year to 6.46 million tonnes as Sinopec upgrades its refineries to pump out more high-end petrochemical raw materials and cut low value-added fuel products.
