Sinopec’s Chemicals Business Swings to an Annual Operating Profit

Sinopec’s chemicals business posted an operating profit of Rmb13.6 billion ($2 billion) for 2009, compared with an operating loss of Rmb12.9 billion in 2008. Sales for the chemicals business decreased by about 14%, to Rmb218.5 billion, compared with 2008, mainly due to the “the dramatic drop in chemical product sales prices,” Sinopec says. Sinopec’s ethylene production in 2009 increased by 6.7% to 6.7 million m.t., compared with 2008, and the company sold 40.8 million m.t. of chemical products in 2009. Sinopec says that in 2009, it made...

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