Sinopec’s 2023 net income falls 9.9% in ‘complicated environment’

Mar24,2024



China Petroleum & Chemical Corp, known as Sinopec, dropped 9.9% 2023 Net profit declined on Sunday oil and gas prices but supported by recovery fuel demand,
The company, the world's largest oil refiner by capacity, reported net income of 60.5 billion yuan ($8.37 billion), based on Chinese accounting standards, in a filing to the Shanghai Stock Exchange.
Sinopec faced a “complex operating environment and intense competition” last year, it said in a statement to Reuters.
That was slightly worse than 2022, when the company reported a 6.9% decline in net income as COVID-19 restrictions hit demand for fuels and chemicals.
However, aviation fuel and gasoline led a post-pandemic demand recovery last year as passenger air traffic increased and people traveled more in China.
State Oil and Gas Chief gasoline sales 14.3% and diesel 6.4%. aviation fuel sales Expanded by 49.5%.
The figures include sales in the domestic market as well as exports. Refiners posted strong export gains in 2023 with strong growth in overseas shipments of diesel and jet fuel.
refinery throughput Production rose 6.3% last year to a record 257.52 million metric tons, or about 5.15 million barrels per day. The company has estimated an increase of 260 million tonnes this year.
Sinopec expects its crude oil output to fall from 280.23 million barrels in 2023 to 279.06 million barrels this year, while natural gas will rise to 1,380 billion cubic feet from 1,292 billion cubic feet. However, its petrochemical business remained weak with sales of chemical fibers and plastics falling 1.8%.
Sinopec plans capital spending of 173 billion yuan this year to cover major investments such as exploration and development, down from 176.8 billion yuan last year.



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