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Chemical Week Magazine :: Business & Finance :: Asia/Pacific

Profits Fall at PetroChina and Sinopec Chemical Businesses

9:24 AM MDT | September 3, 2010 | Deepti Ramesh and Natasha Alperowicz

The chemical businesses of PetroChina and Sinopec reported decreases in operating profits for the first half of 2010. PetroChina’s refining and chemicals business posted a 68% fall in operating profits, to Rmb5.46 billion ($815 million) compared with the year-ago period, on sales up 47.5%, to Rmb320 billion. Refining margins declined during the first half due to a rise in crude oil prices, PetroChina says. The increase in sales was mainly due to a rise in prices and sales volumes of refined products. Sinopec’s chemicals segment reported a 68.6% increase in...

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