asset write-downs and weakening demand caused its net profit to fall 47.34% last year to 29.77 billion yuan. (US$1=6.85 yuan). Revenue for the world’s second-largest refiner after Exxon Mobil rose 21% to 1.42 trillion yuan. Reporting on its first profit decline in seven years, Sinopec, short for China Petroleum and Chemical Corp, said in a…
CHINA: Refiner Sinopec reports 47% drop in 2008 net profit
Posted on March 30, 2009 by EnergyAsia