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Sinopec’s chemicals segment swings to loss in first quarter

8:05 AM MDT | April 29, 2014 | Deepti Ramesh

Sinopec’s chemicals segment reports an operating loss of 1.34 billion renminbi ($215 million) in the first quarter of 2014, compared with an operating profit of Rmb164 million in the first quarter of 2013. First-quarter sales for the chemicals segment decreased 1.9%, to Rmb103.1 billion. The business environment for the chemicals segment was challenging during the first quarter of 2014 because of the high and volatile feedstock prices and declining product prices, Sinopec says. Sinopec’s ethylene production increased 5.6% in the first quarter of 2014...

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