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 player Sinopec reports 10 percent drop in profits amid plans to expand shale-gas and shale-oil production
China Petroleum and Chemical Corp. (Sinopec), the leading Chinese refiner and importer of LNG from Australia, the US and Qatar and with expanding import facilities and storage infrastructure, is pushing ahead with more offshore output in the East China Sea and onshore shale-gas and shale-oil production.
Chinese major Sinopec signs long-term LNG supply agreement with QatarEnergy for 4 MTPA from 2026
China Petroleum & Chemical Corp., known as Sinopec, has signed a cargo supply deal with QatarEnergy to receive 4 million tonnes per annum of cargoes from the Ras Laffan plant in the Arabian Gulf from 2026.
