• Natural Gas News

    Sinopec says 2021 profit up 103% to 122%

Summary

The profit is expected to be highest in a decade.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, Exploration & Production, Financials, News By Country, China

Sinopec says 2021 profit up 103% to 122%

Chinese state-owned energy company Sinopec on January 27 said its net profit rose 103% to 122% in 2021 from a year earlier owing to higher oil prices.

Profit is likely to rise by 34bn ($5.3bn) to 40bn yuan over the 2020 level of 32.9bn yuan. The profit is expected to be highest in a decade.

“In 2021, international crude oil prices rose substantially year over year, the domestic economy recovered steadily, and the demand for petroleum and petrochemical products recovered,” Sinopec said.