Chemical Week Magazine :: Business & Finance :: Asia/Pacific
Sinopec, PetroChina chemical units report losses in first quarter
7:22 AM MDT | May 9, 2014 | —Deepti Ramesh
The chemical businesses of Sinopec and PetroChina each reports a loss for the first quarter. Sinopec’s chemicals segment posted an operating loss of 1.34 billion renminbi ($215 million) in the quarter compared with an operating profit of Rmb164 million in the year-earlier quarter. First-quarter sales for the segment decreased 1.9%, to Rmb103.1 billion. The business environment for the chemicals segment was challenging during the quarter because of high and volatile feedstock prices and declining product prices, Sinopec says. PetroChina’s refining and...
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