China’s Sinopec announces financial results for Q4
The company posted a net profit of 17.25 billion yuan ($2.52 billion) from 9.9 billion yuan ($1.44 billion) in Q3, while its net profit was up by 44% to 46.4 billion yuan ($6.75 billion) in 2016 as a whole when compared to the previous year.
The rise in the company’s net profit was attributed to the strong performances in refining and chemicals segments, in which the company optimized production in order to achieve higher-value products.
Sinopec is planning to increase its capital expenditure to 110.2 billion yuan ($16 billion) in 2017, up 44% from 76.46 billion yuan ($11.1 billion) last year. The company’s refinery throughput is expected to reach 240 million tons while it expects the output of oil products to reach 150 million tons in 2017.
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