Sinopec and PetroChina Report Mixed Results

The chemicals segment of Sinopec, and the refining and chemicals business of PetroChina, reported mixed financial results for full-year 2011. Fourth-quarter results were not disclosed. Sinopec’s chemicals segment posted a 28.3% increase in revenues for 2011 compared with 2010, to Rmb420.5 billion ($66.7 billion). The segment’s operating profits increased 78%, to Rmb26.7 billion. PetroChina’s refining and chemicals business reported an operating loss of Rmb61.8 billion for 2011, compared with an operating profit of Rmb7.8 billion in 2010. The...

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