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Reading: China’s Sinopec posts 2.7% rise in first-half revenue By Reuters
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China’s Sinopec posts 2.7% rise in first-half revenue By Reuters
The Tycoon Herald > Business > China’s Sinopec posts 2.7% rise in first-half revenue By Reuters
Business

China’s Sinopec posts 2.7% rise in first-half revenue By Reuters

Tycoon Herald
By Tycoon Herald 2 Min Read
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BEIJING (Reuters) – China’s Sinopec (OTC:) posted a 2.7% rise in internet revenue for the primary half of the 12 months, it mentioned on Sunday, as rising oil costs boosted revenue.

China Petroleum (OTC:) & Chemical Corp as Sinopec is formally recognized, reported on Sunday a internet revenue of 37.1 billion yuan ($5.21 billion) for January to June, in line with a submitting with the Shanghai inventory trade, based mostly on Chinese language accounting requirements.

Sinopec, the world’s largest oil refiner by capability, noticed its gross sales fall 1.1% to 1.58 trillion yuan.

In the meantime, manufacturing of ethylene, a key constructing block for petrochemicals, fell 5.5% through the first half.

Capital expenditure was 55.9 billion yuan for the interval.

Crude oil output rose 0.6% on the 12 months to 140.53 million barrels, Sinopec beforehand reported, whereas manufacturing rose 6% to 700.57 billion cubic ft.

The corporate processed 126.69 million metric tons of , about 5.08 million barrels per day (bpd), up 0.1% from the identical interval final 12 months, it mentioned in a inventory market submitting in July.

China’s Sinopec posts 2.7% rise in first-half revenue By Reuters

That in contrast with 1.7% progress within the first quarter. The slowdown was pushed by increased crude costs and tepid home gasoline demand.

($1 = 7.1244 renminbi)

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