Chinese major Sinopec reports drop in profits amid rapid rise in natural gas demand offset by chemicals losses
China Petroleum and Chemical Corp. (Sinopec), the leading Chinese refiner and an importer of LNG from Australia, the US, Qatar and elsewhere and with expanding import facilities and storage, reported a drop in net profits of nearly 9 percent as a “rapid” first-quarter increase in natural gas demand was offset by oil refining costs and losses in chemicals.
LNG projects stakeholder PetroChina reports increased profits and plans to boost oil and gas activities
PetroChina, the Chinese-listed and overseas unit of state-owned China National Petroleum Corp. and an LNG project stakeholder in Canada and Mozambique, reported an annual increase in net profits while revenues declined on lower commodity prices.
Sinopec posts huge quarterly loss amid plans to revive prospects of large US LNG imports
China Petroleum and Chemical Corp., or Sinopec, the largest Chinese owner of oil refiners and which has been seeking to increase US LNG volumes to match its Australian supplies, reported a heavy first-quarter loss.
