Sinopec’s interim profit soars on stronger oil, gas prices

(Reuters) – China Petroleum and Chemical Corp, or Sinopec Corp, reported interim web earnings surged 10.4% to a file 43.53 billion yuan ($6.33 billion), because of robust oil and gasoline costs regardless of weakened home gas gross sales.

Sinopec, the world’s largest refiner by capability, reported revenues of 1.61 trillion yuan for the six months, up 27.9% from 12 months earlier ranges.

Home friends PetroChina and CNOOC Ltd. have all reported file interim earnings.

In the course of the interval, Sinopec processed a complete of 120.76 million tonnes of crude oil, down 4.2% versus a 12 months in the past, and its refined gas gross sales fell 9.8% to 98.42 million tonnes, the corporate stated in a inventory submitting.

Strict COVID-19 restrictions and gas export curbs dampened manufacturing led to first annual decline in refnery output in China since at 2011.

Sinopec produced 139.65 million barrels of crude oil throughout th six months, up 1.1%, whereas its pure gasoline output gained 5.4% to 613.92 billion cubic toes.

Capital expenditure for the half-year got here in at 64.65 billion yuan, versus 57.94 billion yuan a 12 months earlier.

($1 = 6.8715 Chinese language yuan renminbi)

(Reporting by Kevin Yao; Modifying by Simon Cameron-Moore)