China Petroleum & Chemical Corp reported net profit for the first half of the year, which rose 10% compared to the same period last year, mainly due to a significant improvement in upstream activities.
The Chinese oil company, better known as Sinopec, said first-half net profit rose to 43.53 billion yuan ($6.33 billion), while total revenue rose 28% year-on-year to 1.58 trillion yuan. yuan thanks to higher prices of refined petroleum and chemical products, and increased sales volumes of certain petroleum and petrochemical products.
Operating costs increased 33% year-on-year to 1.33 trillion. yuan, due to higher purchase costs for oil and other raw materials.
Sinopec said it plans to spend 133.35 billion yuan on capital expenditures in the second half, of which nearly half will be spent on the exploration and production division.
Source: Capital
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