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Chemical Week Magazine :: Business & Finance :: Asia/Pacific
Sinopec, PetroChina chemical units report lower earnings
April 1, 2013 | —Deepti Ramesh
The chemical businesses of Sinopec and PetroChina reported weak financial results for 2012. Sinopec’s chemicals segment reported a 2% fall in revenues compared with 2011, to 411.9 billion renminbi ($66.5 billion). The decline was primarily due to continuing low demand for chemical products as a result of the macroeconomic downturn, which led to a major drop in chemical product prices, Sinopec says. Operating profits for Sinopec’s chemicals segment decreased 95.6%, to Rmb1.17 billion. PetroChina’s refining and chemicals business reported an...
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