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Chemical Week Magazine :: Business & Finance :: Asia/Pacific
Sinopec and PetroChina Chemical Units Swing to Loss
5:33 AM MDT | August 31, 2012 | —Deepti Ramesh
The chemical businesses of Sinopec and PetroChina reported weak financial results for the first half of 2012. Sinopec’s chemicals segment reported an operating loss of Rmb1.3 billion ($205 million) in the first half, compared with an operating profit of Rmb16.34 billion in the year-ago period, on sales down 4.1%, to Rmb200.8 billion. Sinopec cites the “depressed chemicals market and drastic fall in prices of major chemical products.” PetroChina’s refining and chemicals business segment recorded an operating loss of Rmb28.87 billion in the...
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