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Sinopec revenue, net profit improves in Q3 2020

November 10/2020

MOSCOW (MRC) -- China Petrochemical Corporation, which is known as Sinopec, Asia's biggest refiner, saw its revenue and net profit significantly improve during the third quarter, with net income reaching 46.39 billion yuan (USD6.92 billion) during the July-September period, reported Chinadaily with reference to Sinopec's statement in a filing to the Shanghai Stock Exchange.

It attributed the profit upsurge to a robust refining business and domestic demand recovery.

The company's refinery crude throughput reached 63.5 million tons during the third quarter, up 2% year-on-year. Refined oil production reached 38 million tons, up 11.2% compared with the previous quarter, it said.

Domestic fuel sales were 45.44 million tons over the period, up 0.4% compared with the previous quarter.

Sinopec had churned out a total of 210.65 million barrels of crude oil as of the end of September, down 1% year-on-year, and 772.14 billion cubic feet of natural gas, 0.2% lower from a year earlier.

As MRC informed before, in H1 October, 2020, China's Sinopec started operation of a 800,000 tons-per-year ethylene facility at its Zhanjiang refinery. The refinery, located in the southern Chinese coastal city of Zhanjiang, commenced operation of its 200,000 barrel per day crude oil refining units in June.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

ccording to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,594,510 tonnes in the first nine months of 2020, up by 1% year on year. Only high denstiy polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, exluding producers' inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.

China Petrochemical Corporation (Sinopec Group) is a super-large petroleum and petrochemical enterprise group established in July 1998 on the basis of the former China Petrochemical Corporation. Sinopec Group"s key business activities include the exploration and production of oil and natural gas, petrochemicals and other chemical products, oil refining.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP random copolymer, propylene, HDPE, ethylene, gas processing, petrochemistry, Sinopec, China, Russia.
Category:General News
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