China Petrochemical's operating income growth in the first three quarters

On October 28, China Petroleum & Chemical Corporation announced its first three quarterly earnings report. In the first three quarters of the year, Sinopec achieved operating income of 1,427.2822 million yuan, an increase of 59.8% over the same period of last year.
The report shows that in the first three quarters of the year, in terms of oil and gas exploration and development operations, China Petrochemical's operating income reached 40.838 billion yuan, an increase of 140.7%; crude oil and natural gas output were 34.93 million tons and 8.87 billion cubic meters, respectively, an increase of 1.9% and 45 respectively. %. In respect of the refining business, operating income reached 8.491 billion yuan, a year-on-year decrease of 60.6%; crude oil processing volume increased by 14.4% year-on-year to 154 million tons. In the chemical business, operating income reached 10.393 billion yuan, a year-on-year decrease of 27.3%; ethylene and synthetic resin production were 6.61 million tons and 9.532 million tons, respectively, an increase of 39.4% and 28.7% year-on-year respectively.
Wang Xinhua, CFO of Sinopec, stated that the improvement in the operating performance of Sinopec in the first three quarters was mainly due to the rapid growth of the domestic economy this year, and the steady increase in demand for domestic refined oil products and chemical products.

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