Sinopec’s Profit Recovery Faces Threat from Covid Spread
- China’s biggest refiner saw profits rise 24% in first quarter
- Strict pandemic lockdowns cloud picture for fuel demand
A worker in personal protective equipment travels along a near-empty road during a lockdown due to Covid-19 in Shanghai, China, on April 25.
Source: Bloomberg
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China’s biggest oil refiner posted increased profits for the first quarter even as the country’s worst pandemic outbreak threatens a pullback in fuel demand.
Sinopec reported 23.3 billion yuan ($3.6 billion) in net income, an increase of 24% from the same period last year, according to an exchange filing Wednesday. The Chinese oil giant, officially known as China Petroleum & Chemical Corp., had its best financial year in a decade in 2021.