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Sinopec to Reap New Record Profit
China Petrochemical Corp (Sinopec) is reported by yearend to claim a total of 342 billion yuan of turnover including 55.6 billion yuan of taxes and interest gains and a profit of 20 billion yuan to show a 60% and 160% increase respectively over last year.
This points to the fact that Sinopec has won crowning success in accomplishing the two targets it has set for increased economic benefits and going on public through a restructuring of production.
Last October, Sinopec successfully got listed in Hong Kong, New York and London, with 16.78 billion shares issued and a total of US$3.462 billion of funds raised, making it the first Chinese enterprise to get overseas-listed on the three large exchanges said.
News reports say that Sinopec by yearend will have 182 million tons of oil reserve found and 81 cubic meters of natural gas, and the fame for successive four years with an oil reserve to match production. To be specific, Sinopec will produce 37.24 million tons of crude oil, an increase of 3.1% over the last year, and 3.9 billion cubic meters of natural gas, 5.4% increase, and process 110.4 million tons of crude oil, 19.9% increase, in addition to 2.87 million tons of ethylene, 6.5% up. Along with these is accordingly an 84% of wholesale market share, 61% of retail sales and an export amount of 3.9 million tons of processed oil to show an 18.6 growth by Sinopec.
Moreover, Sinopec is expected to complete a total investment of 56.1 billion yuan. By the end of the year, it will have 9,000 new oil stations and with these will be an added total of 20,000 put in service in the name of Sinopec.
By PD Online Staff Deng Gang
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