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Sinopec’s chemicals segment reports huge fall in profits

6:55 AM MDT | April 29, 2013 | Deepti Ramesh

Sinopec’s chemicals segment posted an 87.4% fall in operating profits in the first quarter of 2013, to 164 million renminbi ($26.6 million), compared with the year-ago quarter. Sales for the segment were not disclosed. The business environment for chemical products was difficult during the first quarter as a result of sluggish demand, the high price of feedstock, and declining product prices, Sinopec says. Sinopec’s ethylene production decreased 0.5% in the first quarter, to 2.44 million m.t., and production of plastics decreased 1%, to 3.39 million...

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