Reported by: Eric CRWE Newswire Middle East correspondent
China Petroleum & Chemical Corp (SNP) announced an increase of 6.7 percent for the first half of 2010. The Company reported a net profit of 35.46 billion yuan equivalent to US $ 5.2 billion for the first six months of 2010 as compared to net income of 32.90 billion yuan for the same period last year.
The Company’s total revenue surged by 75 percent to 936.5 billion yuan as compared to 534.0 billion yuan for the six month period last year. The Company’s operating profit jumped to 21.99 billon yuan as compared to 5.50 billion yuan last year. According to the oil giant the increase in profitability was due to substantial increase in oil prices. Selling price of its crude oil gained 98 percent to 3,363 yuan per ton as compared to last year figures and internationally crude oil prices gained 50 percent in the first 6 months of 2010 to $78 per barrel
The company’s refining business was down by 71 percent in the first half to 5.69 billion yuan from 19.90 billion yuan last year due to increased oil imports eventually reducing the company’s profit margin.
Sinopec has the largest capacity in Asia among refiners with more than 70 percent of its crude oil being imported the company booked heavy past losses. Though the company has posted exceptionally high profit for the last six months still it hasn’t been able to meet the performance by rival companies such as Chevron (CVX), Royal Dutch Shell (RDSA, RDSB) and Exxon Mobil (XOM).
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