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China’s Sinopec posts stronger Q3 earnings

by ChemOrbis Editorial Team -
  • 02/11/2016 (14:13)
According to media reports, China’s Sinopec announced financial results for Q3. China’s oil giant and Asia’s largest refiner saw net profits rise six fold in Q3 amidst lower costs due to decreasing crude prices.

It is reported that Sinopec’s net profit was 10.19 billion Yuan ($2.09 billion) in the third quarter, up from 1.65 billion Yuan in the same period of last year following a decline in the H1 of 2016 and a 30% drop in the last year.

“Sinopec is a big beneficiary of low crude prices as it buys most of the oil it processes from overseas,” analyst at North Square Blue Oak, Tian Miao stated.
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