Sinopec's profit in the first half of the year declined 21.6%
Date: 11:26, 29-08-2016.
Almaty. August 29. Silkroadnews – China Petroleum and Chemical Corporation Sinopec reported a 21.6% decrease in net profit in the first half of 2016 due to continuously low oil prices, «Xinhua» agency reports.
According to the company's financial results, net profit to equity shareholders for January-June amounted to 19.9 billion yuan (around $3 billion).
Oil and gas production in the first half of 2016 fell 5.99% compared to the same period of last year to 218.99 million barrels of oil equivalent.
Two other Chinese energy giant also reported on poor results, CNPC's net profit fell about 97,9%, CNOOC had suffered losses in the amount of 7.74 billion yuan.
