IHS Chemical Week

Sinopec’s chemicals segment reports huge fall in profits

11:48 AM MDT | April 29, 2013

Sinopec’s chemicals segment posted an 87.4% fall in first-quarter operating profits, to 164 million renminbi ($26.6 million), compared with the year-ago quarter. Segment sales 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 m.t. Synthetic rubber ouput...

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