Sinopec Profits Slump as Refining Suffers from Weak Economy
- Chemicals unit posts loss while refining barely breaks even
- Upstream profits dipped even as oil and gas production rose
This article is for subscribers only.
Sinopec’s third-quarter profits contracted as China’s biggest oil refiner increasingly finds itself under pressure from the nation’s economic woes and embrace of electrified transportation.
China Petroleum & Chemical Corp., as the firm is officially known, said its net profit fell to 8.03 billion yuan ($1.1 billion) in the third quarter, from 17.9 billion yuan a year earlier, according to an exchange filing Monday.