www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Companies

Sinopec net hit by lower crude prices

By DU JUAN (China Daily) Updated: 2015-03-24 08:42

Oil refiner says that profit declined by 30 percent in 2014 due to global trends

Sinopec net hit by lower crude prices

Sinopec's logo is seen at one of its gas stations in Hong Kong in this April 26, 2010 file picture.[Photo/Agencies]

China Petroleum and Chemical Corp, or Sinopec, Asia's biggest oil refiner, saw its net profit plunge by 30 percent last year due to the continued slump in global crude oil prices since June, the company said on Sunday.

Sinopec also issued a profit warning for the first quarter of this year and said the negative impact will continue as margins took a hit from the high-cost crude purchased earlier.

The anticipated profit decline of energy giants is expected to hit the overall performance of State-owned enterprises, as Sinopec, together with China National Petroleum Corp, the country's largest oil and gas producer, are the profit mainstays.

According to data provided by the Ministry of Finance, SOEs posted 255.66 billion yuan ($41.25 billion) of profit for the first two months, down 21.5 percent over the same period last year.

During the same period in 2014, the SOEs' profit rose 2.8 percent compared with that of the previous year.

The ministry said the sharp profit drop was caused by the three major oil companies' financial performances that were affected by declining global crude prices. Excluding those oil giants, total profit of SOEs declined only slightly by 1.2 percent year-on-year for the first two months.

According to Sinopec's annual report, its profit for 2014 was 47.43 billion yuan, a 29.4 percent year-on-year fall, its worst performance since the global financial crisis.

In 2008, affected by sharply declining prices and shrinking demand for petrochemical products, Sinopec's net profit declined 47.5 percent year-on-year.

According to Sinopec, its oil and gas production rose by 8.4 percent to 480.22 million barrels of oil equivalent for 2014. Domestic crude oil production remained flat for most of last year, while overseas production increased significantly. The company's natural gas production rose by 8.5 percent to 716.4 billion cubic feet.

The report said domestic refined oil products experienced 11 consecutive price cuts in the second half of 2014, which hit the company's profit from product sales.

Fu Chengyu, chairman of Sinopec, said China will enter a slow growth phase this year even as international crude oil prices are expected to stay low. "The company still faces a challenging operating environment," he said.

Sinopec, as a pioneer of mixed-ownership reform among SOEs, had several big moves in 2014, such as introducing 25 foreign and private companies participating in its retailing businesses, in an attempt to find new growth points.

However, several domestic private oil companies' heads who declined to be named said they were not interested in participating in Sinopec's reform since their companies cannot benefit from it because of "extremely" limited shares.

Lin Boqiang, director of the China Center for Energy Economics Research with Xiamen University, said: "Oil companies should get used to reasonably low crude prices in the long term and make best use of the time to adjust and improve their business mode."

CNPC and CNOOC Ltd are expected to announce their annual results on Thursday and Friday.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 男女在线视频 | 美女视频黄a全部免费专区一 | 久久93精品国产91久久综合 | 亚洲天堂2016| 亚洲国内精品 | 国产一级特黄特色aa毛片 | 一级黄色毛片播放 | 老头做爰xxxx视频 | 99久久免费国产精精品 | 亚洲欧美久久精品一区 | 国产一区二区在线视频播放 | 国产不卡一区二区三区免费视 | 亚洲二区在线观看 | 国产网站在线看 | 精品特级一级毛片免费观看 | 亚洲综合网在线观看 | 成人国产精品 | 国产在线91精品入口首页 | 亚洲美女在线视频 | 国产成人禁片免费观看 | 成人欧美精品大91在线 | 国产在线观看精品香蕉v区 国产在线观看免费人成小说 | 国产中文字幕在线播放 | 国产精品日本一区二区不卡视频 | 色老久久精品偷偷鲁一区 | 亚洲免费视频网站 | 国产高清免费视频 | 日本a级精品一区二区三区 日本a级毛片免费视频播放 | 国产一区二区三区免费视频 | 午夜日本一区二区三区 | 在线观看免费视频国产 | 俄罗斯18videosex性欧美成人 | 国产色爽女小说免费看 | 在线一区二区观看 | 色久在线 | 免费网站看v片在线香蕉 | 国产精品特黄一级国产大片 | 伊人久热这里只有精品视频99 | 欧美另类高清xxxxx | 欧美一级毛片免费看视频 | аⅴ资源天堂8在线 |