Sinopec’s profit falls in Q3, but stands above estimates
Lower international crude prices, weaker refining profits and slower Chinese oil demand were blamed among the reasons for the company’s weaker financial results. Lower crude prices also led to the company’s profits from its exploration and production segment to drop to 13.4 billion Yuan in the third quarter of this year.
Meanwhile, Sinopec’s refining profit declined to 1.3 billion Yuan in the July-September period of this year from 6.5 billion Yuan in the previous year.
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